$BTC #ETHETFsApproved

Australia Lists Its First Spot Bitcoin ETF

The Australian Securities Exchange (ASX) listed the VanEck Bitcoin Exchange Traded Fund (ETF) on Thursday, marking it as the platform’s first spot bitcoin ETF.

According to VanEck’s website, the VanEck Bitcoin ETF, trading under the ticker VBTC, had net assets totaling approximately AUD 982,850 (USD 655,560) as of Wednesday. VBTC serves as a feeder fund, enabling investors to gain exposure to bitcoin by investing in the VanEck Bitcoin Trust (HODL) listed in the United States.

“While Bitcoin can be traded through cryptocurrency exchanges, gaining exposure to Bitcoin through an ETF on an exchange like ASX allows you to buy and sell these units via a traditional brokerage account, simplifying the process and broadening access for more Australians,” said Andrew Campion, ASX’s General Manager of Investment Products and Strategy, in a statement.

ASX is Australia’s premier stock exchange, handling about 80% of local trades. As of May, ASX had a domestic market capitalization of USD 2.6 trillion, according to its website.

Earlier this year, it was reported that ASX was preparing to list its first bitcoin ETF, noting that several issuers besides VanEck had filed applications. This list includes local issuers BetaShares and DigitalX.