According to U.Today, the VanEck Bitcoin exchange-traded fund (ETF) has achieved a significant milestone by being listed on the main stock exchange operated by ASX Ltd. This marks the first time a Bitcoin ETF has been listed on Australia's primary stock market, indicating the increasing acceptance and integration of digital assets into mainstream financial markets. The ETF debuted on Thursday, backed by an initial seed investment of approximately 985,000 Australian dollars, equivalent to $657,000 in U.S. dollars.
This listing is a significant development for Australia and a crucial step for the global cryptocurrency market. It provides Australian investors with direct access to Bitcoin through a regulated financial product. The VanEck Bitcoin ETF listed on the ASX is a feeder fund for the $647 million VanEck Bitcoin Trust in the United States. This structure allows the Australian ETF to invest in the larger U.S.-based trust, giving investors exposure to the same underlying Bitcoin assets managed by VanEck.
The listing of the VanEck Bitcoin ETF on the ASX is expected to influence the Australian financial markets significantly. It could prompt other asset managers to follow a similar path for their crypto ETFs, thereby broadening the range of investment options available to Australian investors. Sydney-based BetaShares Holdings Pty and DigitalX Ltd., another local player, are also reportedly preparing for listings on the main Australian board ASX.
Bitcoin ETFs in the U.S. debuted in January and have since accumulated $56 billion in assets. Hong Kong permitted spot ETFs for Bitcoin and Ether in April, which have garnered a fraction of the interest of U.S. vehicles. At the time of writing, Bitcoin had increased by 0.65% in the last 24 hours to $65,610.