VanEck’s spot Bitcoin ETF (VBTC) has officially launched on the Australian Securities Exchange (ASX), Australia’s largest stock market. The ETF was approved earlier this week and is now available for trading, giving Australian investors a simplified and secure way to gain exposure to Bitcoin.
NEW: VanEck’s spot #Bitcoin ETF officially goes live on Australia’s largest stock exchange 🇦🇺 photo.twitter.com/m0gehtEd70
— Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
“ASX welcomes VBTC to the stock exchange!” announced ASX. “Congratulations to the VanEck Australia team for launching the first crypto ETF on ASX.”
The launch of VanEck’s Bitcoin ETF on ASX offers a more accessible option for investors who prefer traditional exchanges over crypto exchanges. This ETF, which has a management fee of 0.59%, allows investors to gain exposure to Bitcoin without owning the BTC directly, reducing the complexity and risks associated with direct ownership.
“It is already possible to trade Bitcoin via crypto exchanges, but if you trade units with exposure to Bitcoin via an ETF on an exchange like the ASX, you can buy and sell those units via a traditional securities account. This simplifies the process and gives more Australians the opportunity,” said Andrew Campion, ASX’s managing director of investment products and strategy.
earlier this month, the Bitcoin ETF from Monochrome Asset Management began trading on the Cboe Australia exchange, where more than 54 bitcoins worth AUD 5.3 million have been purchased to date.
Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 19/06/24 photo.twitter.com/TjtHmn0jVF
— Monochrome (@MonochromeAsset) June 20, 2024