American investment management firm VanEck has announced the launch of the first spot Bitcoin exchange-traded fund (ETF) on Australia’s securities trading platform. The ETF, known as VanEck Bitcoin ETF (VBTC), is scheduled to go live on the Australian Securities Exchange (ASX) on Thursday, June 20.
VanEck is a well-known issuer of spot Bitcoin ETFs in the United States, with its product, VanEck Bitcoin Trust (HODL), currently holding over $529 million in assets under management and a market cap of $660 million. The approval of the VBTC in Australia follows the recent green light given by the U.S. Securities and Exchange Commission for the launch of HODL on exchanges, alongside other ETFs issued by top asset managers such as BlackRock, Ark Invest, Grayscale, Fidelity, and Bitwise.
VanEck has been in discussions with Australian regulators since early 2021 about launching a spot Bitcoin ETF in the country. The firm claims to be the first entity to submit an application with the ASX for the ETF and has been working closely with the Australian Securities and Investments Commission (ASIC) on the product’s mechanics. Despite facing regulatory hurdles, exchange framework challenges, and the need for ASIC approval, VanEck remains committed to bringing the first Bitcoin ETF to ASX investors.
In addition to VanEck, other investment managers like Monochrome Asset Management and 21Shares have also launched similar products on different securities exchanges in Australia. For instance, the Monochrome Bitcoin ETF (IBTC) stands out as it not only provides investors with direct exposure to Bitcoin but also securely holds the cryptocurrency offline.
The introduction of the VBTC in Australia reflects the growing acceptance and evolution of Bitcoin globally, with regulated access through an ETF becoming a reality in the U.S. VanEck aims to lead the way in providing Australian investors with a low-cost Bitcoin ETF option once the VBTC goes live on the ASX.
Overall, the launch of the VanEck Bitcoin ETF in Australia marks a significant milestone in the country’s cryptocurrency investment landscape. Investors now have the opportunity to gain exposure to Bitcoin through a regulated and cost-effective ETF, further expanding the options available in the market. As the crypto industry continues to evolve, the introduction of innovative investment products like the VBTC demonstrates the growing interest and demand for digital assets among traditional investors.