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Australia launches Bitcoin ETF, cryptocurrency is already listed on multiple exchanges.

TraderKnows
TraderKnows
06-20

This Thursday, the Bitcoin ETF officially launched in Australia, following its previous listings on exchanges in the United States and Hong Kong.

The Bitcoin Exchange Traded Fund (ETF) was launched for the first time on Australia's main stock market on Thursday, with fund managers introducing new products to meet the demand of investors returning to the cryptocurrency market after a surge in prices.

The VanEck Bitcoin ETF was listed on the Australian Securities Exchange (ASX) with an initial asset of around 990,000 AUD (approximately 660,000 USD), marking the culmination of over three years of negotiations with the ASX operators.

The fund will not hold Bitcoin directly but will invest in the VanEck Bitcoin Trust, which was listed in the US in January. VanEck's European subsidiary also manages 12 similar cryptocurrency funds.

In the US, after regulators approved several cryptocurrency ETFs, investors poured in billions of dollars. Hong Kong also launched six funds in April, though interest there has been relatively subdued.

VanEck Australia stated in March that the approval by US regulators had sparked a surge in demand for similar products among brokers and financial advisors.

Since 2023, the price of Bitcoin has nearly tripled, although it has stalled since its peak in March.

A competing exchange operated by the local subsidiary of CBOE Global Markets in Australia has already hosted several Bitcoin ETFs.

However, the VanEck Bitcoin ETF is the first fund to be listed on the main exchange, sharing its trading code with well-known national companies such as BHP and the Commonwealth Bank of Australia.

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