VanEck’s Bitcoin ETF is now officially trading on the Australian Securities Exchange ASX, with assets of around $660 million at its debut.
This achievement follows the approval of the US spot BTC ETF in January, sparking increased interest from Australian brokers and financial advisors.
ASX welcomes VBTC to the exchange! Congratulations to @vaneck_au for launching the first cryptocurrency ETF on the Australian Securities Exchange.
Although VanEck’s ETF is not Australia’s first cryptocurrency-based ETF (CBOE Global Markets’ local subsidiary already offers a similar product), it is the first on the Australian Securities Exchange. This development highlights the increasing acceptance of cryptocurrency investments in the traditional financial sector.
Like other BTC ETFs, VanEck’s does not directly hold the underlying assets but invests in the VanEck Bitcoin Trust Fund listed in the US, reflecting its strategy in other markets.
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After the approval of BTC ETF in the US, a large amount of capital flowed into this new financial instrument, and Bitcoin hit a historic high slightly above $73,700 two months later.
Despite a subsequent 10% drop from the peak, the launch of the BTC ETF by VanEck in Australia may reignite interest and have a positive impact on the price of Bitcoin.
