Australia’s The largest stock exchange, the Australian Securities Exchange (ASX), has listed the second Bitcoin Exchange-traded fund (ETF) on its platform.
BREAKING: 🇦🇺 Australia’s largest stock exchange has approved its second place #Bitcoin ETF exchange. photo.twitter.com/SY5vIGEm4a
— Bitcoin Magazine (@BitcoinMagazine) July 9, 2024
On July 9, the ASX gave the green light to the digital asset manager DigitalX Launches Spot Bitcoin ETFThe new ETF will trade from July 12 under the ticker BTXX.
This comes just weeks after the ASX approved the exchange. his first Bitcoin ETF in June when it listed the VanEck Bitcoin ETF. The moves follow the successful debuts of several Bitcoin ETFs in the U.S., starting in early 2024.
Australia has been building momentum in Bitcoin ETFs over the past year. The country’s first spot Bitcoin ETF, the 21Shares Bitcoin ETF (EBTC), launched in April 2022 and trades on the Cboe Australia exchange.
Most recently, in June, was the Monochrome Bitcoin ETF (IBTC) also started trading on the Cboe. Now, ASX is following suit by approving its second Bitcoin ETF after VanEck’s product became the first last month.
The flood of new Bitcoin investment vehicles entering the Australian market reflects the growing interest in Bitcoin exposure. Investors are increasingly seeking Bitcoin exposure through regulated fund structures rather than direct ownership.
ETFs offer a convenient way to invest in the asset class without having to directly hold Bitcoin. Many expect to see more countries approve Bitcoin ETFs as the instruments gain popularity and regulatory acceptance increases.
By giving another green light Bitcoin ETFAustralia’s main stock exchange, shows a positive change in attitude towards Bitcoin assets within one of the largest financial markets in the world.