According to CryptoPotato, American investment management firm VanEck is preparing to launch the first spot Bitcoin exchange-traded fund (ETF) on Australia’s securities trading platform this week. The spot Bitcoin ETF is expected to go live on the Australian Securities Exchange (ASX) on Thursday, June 20. VanEck is known as one of the issuers of the spot Bitcoin ETFs in the United States. The firm’s product, VanEck Bitcoin Trust (HODL), currently holds over $529 million in assets under management, with a market cap of $660 million.

The approval of the VanEck Bitcoin ETF (VBTC) in Australia comes five months after the U.S. Securities and Exchange Commission approved the launch of HODL on exchanges alongside other ETFs issued by top asset managers like BlackRock, Ark Invest, Grayscale, Fidelity, and Bitwise. VanEck has been in discussions with Australian regulators about launching a spot Bitcoin ETF in the country since early 2021. The firm claims to be the first entity to submit an application with the ASX to launch the ETF and work with the Australian Securities and Investments Commission (ASIC) on the product’s mechanics.

Despite regulatory hurdles and exchange framework challenges, VanEck resubmitted its application for the VBTC launch in February. Upon launch, the asset manager claims VBTC will be the lowest-cost Bitcoin ETF in Australia. The firm stated that Bitcoin’s evolution continues to transform, with regulated access through an ETF now a reality in the U.S., marking a significant step in its global acceptance. Despite hurdles to clear in Australia, including regulatory and exchange framework challenges, along with ASIC approval, VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors.

However, it should be noted that the VanEck Bitcoin ETF is not the first of its kind in Australia. Other investment managers, including Monochrome Asset Management and crypto exchange-traded products issuer 21Shares, have launched similar products on different securities exchanges. The Monochrome Bitcoin ETF (IBTC) is the first of its kind because it does not just offer investors direct exposure to the crypto asset but directly holds its bitcoins in an offline device.