The cryptocurrency sector received a significant boost as a Bitcoin spot exchange-traded fund (ETF) was listed on Australia’s primary stock market for the first time. The VanEck Bitcoin ETF, with a seed investment of nearly $657,000, made its debut on the Australian Securities Exchange, marking a milestone for the industry.
This ETF is a feeder fund for the $647 million VanEck Bitcoin Trust in the U.S. Other Australian firms, such as BetaShares Holdings Pty and DigitalX Ltd., are also preparing for listings on the main Australian board, but VanEck is the first to receive approval.
The approval for Bitcoin ETFs in Asia has been gaining momentum following U.S. approvals earlier this year. Hong Kong recently approved the first batch of spot Bitcoin and Ether ETFs, signaling a growing acceptance of cryptocurrency investment products in the region.
The listing of a Bitcoin ETF on the main Australian stock market is a significant development, as it provides investors with more opportunities to participate in the cryptocurrency market. The 11 U.S.-based ETFs have already attracted significant inflows, contributing to the rise in Bitcoin’s price this year.
At the time of writing, Bitcoin was trading at $65,176.87, with a slight increase of 0.25% in the last 24 hours. The introduction of a Bitcoin ETF in Australia could further fuel interest in the cryptocurrency and drive its price higher.
Overall, the listing of a Bitcoin ETF on the Australian stock market is a positive development for the cryptocurrency sector, providing investors with more options to gain exposure to this growing asset class.
