VanEck Launches Spot Bitcoin ETF on Australia’s Largest Stock Exchange
VanEck's spot Bitcoin ETF (VBTC) just launched on the Australian Securities Exchange (ASX), the country's largest stock exchange.
"ASX welcomes VBTC to the exchange!" announced ASX.
ASX welcomes VBTC to the exchange! Congratulations to the @vaneck_au team for launching the first crypto ETF on ASX. https://t.co/QM7iYfNZRO 🔔#ASXBell pic.twitter.com/f7MiHDqIoZ
— ASX 🏛 The heart of Australia's financial markets (@ASX) June 20, 2024
The ETF was recently approved and is now available for trading, providing Australian investors a way to gain Bitcoin exposure through the traditional stock exchange.
The launch of VanEck's Bitcoin ETF on ASX offers an alternative to Bitcoin and crypto exchanges.
This ETF, with a management fee of 0.59%, allows investors to gain Bitcoin exposure without directly holding the asset, allowing a more streamlined option for investors.
Andrew Campion, ASX's general manager of investment products and strategy, noted that while Bitcoin trading has been possible via Bitcoin and crypto exchanges, trading Bitcoin exposure through an ETF on ASX allows investors to buy and sell through a traditional brokerage account.
Earlier this month, Monochrome Asset Management's Bitcoin ETF began trading on the Cboe Australia exchange, which has so far purchased over 54 Bitcoin valued at $5.3 million AUD.
Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 19/06/24 pic.twitter.com/TjtHmn0jVF
— Monochrome (@MonochromeAsset) June 20, 2024