Blockchain-focused asset manager DigitalX has secured regulatory approval to launch its spot Bitcoin exchange-traded fund (ETF), marking the second Bitcoin ETF to trade on the Australian Securities Exchange (ASX).
Scheduled to list under the ticker BTXX on July 12 at 10 am local time, the DigitalX Bitcoin ETF’s approval was announced in a July 8 post on X by the firm.
Describing the approval as a “watershed moment,” DigitalX CEO Lisa Wade stated, “The DigitalX Bitcoin ETF is a spot ETF product that provides ASX customers with direct access to Bitcoin via a regulated and liquid fund structure.”
DigitalX’s chair Toby Hicks added, “It is exciting to see the growth and development of the digital assets markets reflected in this approval” in Australia.
To bring this product to market, DigitalX has partnered with K2 Asset Management, which will act as the responsible entity and issuer of the spot Bitcoin ETF.
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Additionally, DigitalX will collaborate with 3iQ, a cryptocurrency-focused investment firm, to promote and distribute the product both in Australia and internationally.
This development follows closely behind the ASX’s approval of VanEck’s spot Bitcoin ETF on June 15, which began trading on June 20.
The VanEck Bitcoin ETF (VBTC) recorded $1.3 million in trading volume on its first day, significantly lower than the $450 million daily average seen by the nine U.S.-based spot Bitcoin ETFs during their initial 10 trading days.
In a related note, Australian fund manager Betashares is also pursuing a Bitcoin ETF on the ASX, according to an April report from Bloomberg.
The DigitalX Bitcoin ETF aims to capitalize on the increasing interest in digital assets, offering a regulated avenue for investors to gain exposure to Bitcoin.
As the second Bitcoin ETF on the ASX, BTXX is poised to attract both local and international investors looking to diversify their portfolios with digital currencies.
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