Australian cryptocurrency fund manager DigitalX has received regulatory approval to list its spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange, the country’s largest and most prominent stock exchange. DigitalX’s spot BTC ETF will be the second BTC ETF on the ASX, following the debut of VanEck’s BTC ETF on the exchange last month.
The ETF will trade under the ticker symbol BTXX and will begin trading on Friday, according to a press release.
"Our service will enable Australians to invest in Bitcoin in a cost-effective and secure way without having to manage a digital wallet," said DigitalX CEO Lisa Wade.
Wade further stated: “We are delighted to now be able to launch and offer this spot Bitcoin ETF to the Australian market. This is a watershed moment for our business and the Australian digital asset investment market. The DigitalX Bitcoin ETF is a spot ETF product that provides ASX clients with direct access to Bitcoin through a regulated, liquid fund structure.”
Will Bitcoin Rise Accelerate After the Launch of the Second Australian Spot BTC ETF?
The price of BTC fell below $55,000 yesterday. BTC has since picked up pace and reclaimed the $57,000 level, up 3.4% in the past 24 hours. One reason for the current market downturn is the increase in outflows from BTC ETFs. If DigitalX's BTC ETF can gain traction, it could change the trajectory of BTC.
VanEck’s BTC ETF launched in Australia did not do much to boost the price of BTC. A similar situation may occur with DigitalX.
Last month, the average mining cost of one Bitcoin exceeded $86,000. According to cryptocurrency analyst Ali Martinez, the price of BTC has historically been higher than its average mining cost. According to Martinez’s analysis, we may see BTC hit a new all-time high of $86,000.
Australian cryptocurrency fund manager DigitalX has received regulatory approval to list its spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange, the country’s largest and most prominent stock exchange. DigitalX’s spot BTC ETF will be the second BTC ETF on the ASX, following the debut of VanEck’s BTC ETF on the exchange last month.
The ETF will trade under the ticker symbol BTXX and will begin trading on Friday, according to a press release.
"Our service will enable Australians to invest in Bitcoin in a cost-effective and secure way without having to manage a digital wallet," said DigitalX CEO Lisa Wade.
Wade further stated: “We are delighted to now be able to launch and offer this spot Bitcoin ETF to the Australian market. This is a watershed moment for our business and the Australian digital asset investment market. The DigitalX Bitcoin ETF is a spot ETF product that provides ASX clients with direct access to Bitcoin through a regulated, liquid fund structure.”
Will Bitcoin Rise Accelerate After the Launch of the Second Australian Spot BTC ETF?
The price of BTC fell below $55,000 yesterday. BTC has since picked up pace and reclaimed the $57,000 level, up 3.4% in the past 24 hours. One reason for the current market downturn is the increase in outflows from BTC ETFs. If DigitalX's BTC ETF can gain traction, it could change the trajectory of BTC.
VanEck’s BTC ETF launched in Australia did not do much to boost the price of BTC. A similar situation may occur with DigitalX.
Last month, the average mining cost of one Bitcoin exceeded $86,000. According to cryptocurrency analyst Ali Martinez, the price of BTC has historically been higher than its average mining cost. According to Martinez’s analysis, we may see BTC hit a new all-time high of $86,000.
