The DigitalX spot Bitcoin ETF will be the second of its kind on the ASX, following VanEck’s listing on June 20.
Perth-based crypto fund manager DigitalX announced on Monday that it has received regulatory approval to list its spot Bitcoin exchange-traded fund on Australia’s largest stock exchange, possibly starting this week.
DigitalX Spot Bitcoin ETF Set to Launch on ASX
The DigitalX spot Bitcoin ETF (BTXX) is poised to become the Australian Securities Exchange’s (ASX) second Bitcoin ETF, following VanEck’s listing on June 20. This new product will provide ASX customers with direct access to Bitcoin through a regulated and liquid fund structure, as stated by DigitalX CEO Lisa Wade.
Trading for the ETF will begin on Thursday at 8:00 pm ET, with K2 Asset Management acting as the “Responsible Entity and Issuer.” Digital asset investment firm 3iQ and DigitalX will promote and distribute the ETF both domestically and internationally.
The ASX, which handles roughly 80% of the country’s equities trading volume, is seen by investors as more liquid and broadly accepted than its main competitor, Cboe Australia. Listing on the ASX requires the ETF to meet all regulatory requirements, including disclosures, financial standards, and compliance with exchange rules.
DigitalX Spot Bitcoin ETF Gains ASX Approval
Once the ETF is approved for quotation, it will be officially listed on the Australian Securities Exchange (ASX), allowing public trading to commence on the specified start date.
Unlike VanEck’s VBTC, which provides exposure to Bitcoin by investing in the VanEck Bitcoin Trust (HODL) listed on the U.S. Cboe exchange, DigitalX’s ETF offering is independent of U.S. politics. According to a person familiar with the matter, this insulation means that Australian investors will only be subject to Australia’s domestic rules and laws, providing a layer of protection from U.S. developments.
Although this will be the second such listing on the ASX, Australia has had similar products available for over two years, indicating a mature and evolving market for Bitcoin ETFs in the region.
History of Bitcoin ETFs in Australia
In April 2022, Global X 21Shares launched its Bitcoin ETF (EBTC) on Cboe Australia, marking the country’s first product to debut using a wholesale-retail feeder fund structure.
Shortly after, Cosmos Asset Management introduced the Cosmos Purpose Bitcoin Access ETF. However, this ETF was later delisted due to market instability following the collapse of Terra/Luna and significant crypto lenders.
The crypto market downturn put future domestic listings on hold. However, Sydney-based Monochrome Asset Management reignited interest this year by listing its product, IBTC, on the Cboe Australia exchange on June 4. This was followed by VanEck’s offering two weeks later.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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