Australia news: the ASX stock exchange is preparing to welcome a new arrival in the world of Bitcoin ETFs, with the DigitalX Bitcoin ETF that will be listed with the ticker BTXX starting from July 12.
This ETF represents the second product of this type to be approved on the ASX, closely following the VanEck ETF approved last month.
These developments mark a significant step forward in the Australian cryptocurrency market, opening new opportunities for investors. Let’s see all the details below.
BTXX news: the second spot Bitcoin ETF to be listed in Australia
As anticipated, DigitalX, a wealth management company specializing in blockchain, has obtained approval from the authorities to introduce its spot Bitcoin exchange-traded fund (ETF).
This ETF will become the second to be traded on the Australian Securities Exchange (ASX).
The DigitalX Bitcoin ETF, identified with the ticker BTXX, will be listed on July 12 at 10:00 local time, as announced by the company in a statement on July 8.
Lisa Wade, CEO of DigitalX, described the approval of BTXX as a “decisive moment”, stating the following:
“The DigitalX Bitcoin ETF is a spot product that offers ASX investors direct access to Bitcoin through a regulated and liquid fund structure.”
Toby Hicks, president of DigitalX, added:
“It is exciting to see the growth and development of the digital asset markets reflected in this approval in Australia.”
DigitalX has collaborated with K2 Asset Management, which will act as the responsible entity and issuer of the spot ETF on Bitcoin.
Furthermore, DigitalX will work together with the investment company 3iQ, specialized in cryptocurrencies, to promote and distribute the product both in Australia and internationally.
This initiative follows just over three weeks after the approval by the ASX of VanEck’s spot Bitcoin ETF, which took place on June 15, with trading starting on June 20.
The VanEck Bitcoin ETF (VBTC) recorded a trading volume of 1.3 million dollars on its first day of trading.
Figure significantly lower than the daily average of 450 million dollars observed in the first ten days of trading of the nine spot Bitcoin ETFs in the United States.
According to an April report from Bloomberg, even Betashares, another Australian fund manager, is considering launching a Bitcoin ETF on the ASX.
Record inflows for spot Bitcoin ETFs in the United States: BlackRock and Fidelity at the forefront
On Monday, the spot ETFs on Bitcoin in the United States recorded impressive inflows of about $295 million, driven by the continuous sales by the German government and the Mt. Gox reimbursements.
According to the data from SoSoValue, this represents the highest level of daily inflows in the past month.
The IBIT fund of BlackRock dominated the scene with 187 million dollars of inflows, while Fidelity’s FBTC attracted 61.5 million dollars. Grayscale’s GBTC also saw a significant inflow of 25 million dollars.
Following are BITB by Bitwise with 11 million dollars, ARKB by ARK 21Shares with 8 million dollars, and HODL by VanEck with 1.5 million dollars. The other funds did not record inflows.
The iShares Bitcoin Trust di BlackRock currently manages over 17 billion dollars in assets, according to the updated data on its official website.
In the last few weeks, the cryptocurrency market has experienced a bear trend due to the announcement of Mt. Gox repayments and recent wallet activities by the US and German governments.
Since the beginning of July, the German government has continued to sell Bitcoin. According to Arkham Intelligence, the government currently owns about 27,400 BTC, worth 1.5 billion dollars.
After the recent transfers of BTC, the German authorities have sold almost half of their original holdings, which amounted to about 50,000 BTC.
The trustee for the rehabilitation of Mt. Gox has confirmed that the reimbursement process started last Friday.
In the context of this plan, the victims of Mt. Gox will receive reimbursements not directly in Bitcoin and Bitcoin Cash, but through designated cryptocurrency exchanges.
