The Australian Securities Exchange has given the green light to its first spot-bitcoin ETF. VanEck Australia’s innovative product is set to launch on June 20, marking a significant milestone as the first of its kind to be listed on the exchange in the nation.
According to a blog post from the issuer VanEck, the ASX has approved the launch of the first bitcoin ETF, which is touted to be the most cost-effective option for investors in Australia. VanEck had previously submitted an application for the product back in February.
Reports emerged in April that DigitalX Ltd. and BetaShares were also in the process of seeking approval from ASX for their own spot bitcoin ETFs. Bloomberg had initially predicted that the approval of such products could come by the end of 2024, making this development ahead of schedule.
In Australia, companies must first obtain approval from the Australian Securities & Investments Commission (ASIC) before listing their products on the exchange. ASIC confirmed that DigitalX Ltd., VanEck, and BetaShares either hold the necessary licenses or are collaborating with licensed entities to launch their ETFs.
Earlier this month, Monochrome Asset Management’s Monochrome bitcoin ETF secured approval from Cboe Australia exchange, marking another significant step in the country’s crypto investment landscape.
Despite regulatory and exchange-related challenges, VanEck remains committed to leading the way in offering Australian investors access to a spot bitcoin ETF. Industry experts in Australia have expressed enthusiasm for the listing of such products on ASX, given the larger trading volumes available on the exchange.
Following the approval of spot bitcoin ETFs in the U.S. earlier this year, there has been growing anticipation for APAC countries to follow suit and embrace these innovative investment options. VanEck, with its successful track record in the U.S. and Europe, aims to leverage its global expertise to provide Australian investors with a top-tier cryptocurrency solution.
The upcoming listing of VanEck’s spot bitcoin ETF on the ASX is expected to bring greater legitimacy to the crypto market and its associated ETFs in the region. As Australia continues its efforts to establish itself as a prominent crypto hub, the approval of such products is a significant step forward in attracting more investors to the digital asset space.