For the first time, an exchange-traded fund (ETF) directly investing in Bitcoin has been listed on Australia’s primary stock exchange, joining a global trend of similar fund launches in the United States and Hong Kong this year.
The VanEck Bitcoin ETF was launched today on the Australian Securities Exchange (ASX) with an initial investment of approximately 985,000 Australian dollars (about 657,000 US dollars).
This ETF is a subsidiary of the main VanEck Bitcoin Trust in the United States, which holds assets worth 647 million dollars.
Bitcoin ETFs launched on Wall Street in January took the market by storm, amassing assets totaling 56 billion dollars so far.
Meanwhile, Hong Kong’s stock exchange permitted the launch of spot-traded ETFs for Bitcoin and Ethereum in April, but they have not garnered the same level of attention as their US counterparts.
Additionally, Sydney-based BetaShares Holdings Pty and another local company, DigitalX, are also preparing to list on Australia’s main stock exchange.
An ASX spokesperson mentioned that the VanEck Bitcoin ETF is the only applicant that has received approval so far, with ongoing discussions with other issuers.
Last month, BlackRock’s iShares Bitcoin Trust emerged as the world’s largest spot Bitcoin ETF, amassing assets nearing $20 billion since its debut in the United States earlier this year.
According to data compiled by Bloomberg on Tuesday, the ETF now holds Bitcoin assets valued at $19.68 billion.
This milestone has dethroned the Grayscale Bitcoin Trust, which currently holds assets worth $19.65 billion. The third-largest fund in this category is Fidelity Investments’ Bitcoin ETF, with total assets of $11.1 billion.
The BlackRock and Fidelity Bitcoin ETFs were among nine funds that launched on January 11, the same day the decade-old Grayscale Bitcoin Trust transitioned into an ETF.