VanEck will launch its first Bitcoin ETF on the Australian Securities Exchange this week

US investment management firm VanEck is set to launch its first Bitcoin exchange-traded fund (ETF) on the Australian securities trading platform this week.

According to an official announcement from the asset management company, the Spot Bitcoin ETF will go live on the Australian Securities Exchange (ASX) on Thursday, June 20.

VanEck Announces Australian Bitcoin ETF

VanEck is one of the leading issuers of Bitcoin ETFs in the United States. The company's product, VanEck Bitcoin Trust (HODL), has more than $529 million in assets under management at the time of writing, with a market cap of $660 million.

The approval of the VanEck Bitcoin ETF (VBTC) in Australia comes five months after the US Securities and Exchange Commission began HODLing exchanges, along with other ETFs offered by top asset managers such as BlackRock, ArchInvest, Greyscale, Fidelity and Bitwise.

VanEyck is in talks with Australian regulators about launching a Bitcoin ETF space in the country from early 2021. Commission (ASIC) on product mechanics.

Due to regulatory hurdles, exchange ups and downs and lack of ASIC approval, VanEek resubmitted its application for VBTC launch in February. At launch, the asset manager claims VBTC will be the lowest-cost Bitcoin ETF in Australia.

“Bitcoin's evolution continues to change, with regulated access through ETFs now a reality in the US, a significant step towards global acceptance. Despite hurdles to clear in Australia, including regulatory and exchange framework challenges, with ASIC approval, VanEick intends to lead the way by bringing the first Bitcoin ETF to ASX investors.

Van Eyck joins 21 shares, monochrome

It's worth noting that the VanEck Bitcoin ETF is not the first of its kind in Australia. Other investment managers, including Monochrome Asset Management and crypto exchange-traded products provider 21Shares, have launched similar products on various securities exchanges.

As Cryptopotato reported earlier this month, the Monochrome Bitcoin ETF (IBTC) is the first of its kind because it not only gives investors direct exposure to the crypto asset, but also holds bitcoin directly on an offline device.