VanEck’s Bitcoin ETF Launches in Australia; Trades Top $1.5M

Bitcoin ETF

VanEck’s Bitcoin ETF launched on Australia’s main stock market on Thursday with A$990,000 ($660,429) in assets. After three years of talks, it trades on the Australian Securities Exchange, investing in the U.S.-listed VanEck Bitcoin Trust. VanEck’s European arm manages 12 similar funds.

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U.S. cryptocurrency ETFs saw huge investments after regulatory approval in January, while Hong Kong launched six funds in April with less interest.


VanEck’s Bitcoin ETF Launches on Australian Securities Exchange

VanEck’s spot Bitcoin exchange-traded fund (ETF) is now live on the Australian Securities Exchange (ASX), Australia’s leading exchange. The fund’s trading volume surpassed $1.5 million after just a couple of hours of trading.

VanEck Bitcoin ETF debuts on the ASX – Source: ASX

The trading debut follows the ASX’s approval of the product listing under the ticker VBTC on Monday. VBTC is the first spot Bitcoin ETF on the ASX.

The ASX plays a crucial role in Australia’s capital markets, handling about 80% of equity trading, according to Bloomberg. The VanEck Bitcoin ETF, acting as a feeder fund for the US-based VanEck Bitcoin Trust, began with an initial seed investment of approximately A$985,000.

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“[VBTC] will present the price of Bitcoin. What we’ll give investors is really institutional-grade access to Bitcoin,” said Jamie Hannah, VanEck’s Deputy Head of Investments and Capital Markets.

“There are a lot of security measures in place as well as insurance…And it’s also extraordinarily low cost,” he added, noting that customers can access VBTC through any retail broker.

Other ETF Issuers Plan to List on ASX

Besides VanEck, other ETF issuers such as Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are planning to list their ETFs on the ASX.

Another major Australian exchange, CBOE Australia, already offers crypto ETFs. Global X 21Shares Bitcoin, Global X 21Shares Ethereum, and Monochrome Bitcoin have approximately $90 million in combined assets.


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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