DigitalX’s spot Bitcoin ETF, trading as BTXX on ASX, starts on July 12, offering direct Bitcoin access.
DigitalX’s BTXX is Australia’s second approved spot Bitcoin ETF, following VanEck’s VBTC launch on June 20.
DigitalX’s ETF provides secure, regulated Bitcoin exposure, enhancing institutional access and market integration.
The Australian Securities Exchange (ASX), which is part of the ASX 300 leading Australian Companies, will be graced with the first spot Bitcoin ETF to be floated by DigitalX Ltd, where the ticker BTXX will be issued to the public.
With the help of 3iQ and K2 Asset Management, to offer ASX clients direct exposure to Bitcoin through a regulated and liquid investment fund structure.This statement, according to DigitalX CEO Lisa Wade, is revolutionary for both the company and the Australian digital asset investment market. On July 12, 2024, at 10:00 AM AEST, the ETF will become online.
Australia's DigitalX to launch spot bitcoin ETFs on ASX https://t.co/OwnPCRjaJG pic.twitter.com/xJHBg8YQes
— Reuters Tech News (@ReutersTech) July 9, 2024
The ASX controls about 80% of overall equities business in Australia and is the premier exchange in the country. The next VBTC, VanEck Bitcoin ETF got clearance and released on June 20 and this triggered A$1. 5 million initially in its first release, the new product by DigitalX is in line with this. By being the second asset manager to be approved to introduce a spot Bitcoin ETF on the ASX, DigitalX will Support its standing as a major participant in the digital asset market.
Significance of DigitalX’s Spot Bitcoin ETF
Simplifying institutional investors’ access to digital asset fund products is the goal of the DigitalX Bitcoin ETF. According to Lisa Wade, this will encourage new players to enter the market and enable organizations to allocate funds strategically to Bitcoin. This launch is noteworthy because it is a step toward the integration and wider acceptance of digital assets in conventional financial institutions. Additionally, investors can expose themselves to Bitcoin in a safe and regulated manner thanks to the ETF’s structure.
These are not the first Australian cryptocurrency funds to be listed on ASX. Global X 21Shares Ethereum and Global X 21Shares Bitcoin were two of the cryptocurrency ETFs that Cboe Australia had previously offered. However, because it is seen by investors as being more liquid and popular, the ASX is a superior choice for trading.
Broader Implications for the Market
BetaShares, another leading Australian fund manager, is also working to list its Bitcoin and Ethereum ETFs on the ASX. This growing interest from multiple asset managers indicates a robust demand for regulated crypto investment products. Additionally, DigitalX’s offering is distinct from VanEck’s VBTC, which provides exposure to Bitcoin through the VanEck Bitcoin Trust, a U.S.-listed ETF on the Cboe exchange. DigitalX’s ETF is not influenced by U.S. regulatory politics, offering a unique advantage for local investors.
The launch of DigitalX’s spot Bitcoin ETF on the ASX marks a significant milestone for the Australian digital asset investment market. With a substantial reward pool and a clear objective, this event is set to make a notable impact in the crypto space.
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