The Australian Securities Exchange (ASX) has made a significant move in the world of cryptocurrency by approving the listing of its second Bitcoin exchange-traded fund (ETF). Digital asset manager DigitalX has been given the green light to launch the new ETF, which will be trading under the ticker BTXX starting on July 12th.
This decision comes shortly after the ASX approved its first Bitcoin ETF in June with the listing of the VanEck Bitcoin ETF. The trend of approving Bitcoin ETFs in Australia follows the successful introduction of similar investment vehicles in the United States earlier in 2024.
Australia has been steadily increasing its presence in the Bitcoin ETF market, with the launch of the country’s first spot Bitcoin ETF, the 21Shares Bitcoin ETF (EBTC), in April 2022 on the Cboe Australia exchange. The Monochrome Bitcoin ETF (IBTC) also began trading on the Cboe in June, further solidifying Australia’s position in the cryptocurrency investment space.
The approval of a second Bitcoin ETF by the ASX reflects the growing interest among investors in gaining exposure to Bitcoin through regulated fund structures. ETFs provide a convenient way for investors to access the asset class without the need to directly hold Bitcoin themselves.
With more countries expected to follow suit in approving Bitcoin ETFs, the ASX’s decision marks a positive shift in attitudes towards Bitcoin assets within one of the world’s leading financial markets. This move is likely to further fuel the adoption of cryptocurrency investments among mainstream investors.
