VanEck to launch the first Bitcoin ETF on the Australian Securities Exchange

Global investment firm VanEyck said on June 20 that it has received regulatory approval to launch a Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX). Providing Australian investors with a streamlined way to invest in Bitcoin.

VanEyck resubmitted its application in February this year, writing in a blog post that it is working to introduce a Bitcoin ETF to the ASX from early 2021 ET.

“Despite hurdles to clear in Australia, including regulatory and exchange framework challenges,” he wrote, “VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors.”

VanEyck is inviting potential investors to register their interest in the product on their website.

Earlier this month, the Monochrome Asset Management Bitcoin ETF was accepted from the Cboe Australian exchange, which is a smaller rival to the ASX. Monochrome claims their product is the first and only ETF in Australia to hold bitcoin directly.

The launch of the VanEck and Monochrome Bitcoin ETFs in Australia follows the explosive popularity of similar investment products in the United States. Regulated Bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) in January have contributed to the cryptocurrency's widespread acceptance by both institutional and retail investors.

Often referred to as “digital gold”, Bitcoin acts as a potential store of value and protects against inflation. Bitcoin spot ETFs are widely credited for a strong resurgence in price around the turn of 2024.

The US market is anticipating the release of ETFs based on Ethereum, the second largest cryptocurrency by market cap, after it was unexpectedly approved by the SEC last month. SEC Chairman Gary Gensler told a Senate committee last week that Ethereum products will start trading this summer.

VanEck has developed digital asset products globally, noting dozens of cryptocurrency exchange trading products in Europe alone. The firm was the first to file for an Ethereum spot ETF in the US, and its application was among those approved in May.

Edited by Ryan Ozawa.