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VanEck's Spot Bitcoin ETF Goes Live on Australia's Biggest Stock Exchange

The VanEck Bitcoin ETF rose 1% on its debut after trading 99,791 shares.

Автор Amitoj Singh|Відредаговано Sheldon Reback
Оновлено 20 черв. 2024 р., 9:33 дп Опубліковано 20 черв. 2024 р., 9:30 дп Перекладено AI
(Stanbalik/Pixabay)
(Stanbalik/Pixabay)
  • The VanEck Bitcoin ETF, which offers Australians a way of investing in bitcoin through exposure to the company's U.S. equivalent, debuted on Thursday.
  • The start of trading, weeks after an ETF from Monochrome Asset Management listed on a smaller exchange, is a sign the global BTC ETF wave has arrived in the country.

Australia's biggest equity exchange listed its first spot-bitcoin exchange-traded fund (ETF) on Thursday as demand for an easy way of investing in cryptocurrencies gathers pace worldwide.

The VanEck Bitcoin ETF (VBTC) went live on the Australian Securities Exchange (ASX), which accounts for 90% of the country's equity market. The exchange approved the product listing earlier this week.

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VBTC rose 1% from its opening price to end the day at A$20.06 ($13.4) after trading 99,791 shares. The ETF is a feeder fund that provides exposure to bitcoin by investing in the company's Bitcoin Trust (HODL), a U.S. ETF listed on Cboe.

While the start of trading comes about six months after spot bitcoin products listed in the U.S., and about seven weeks after they debuted in Hong Kong, the product is not the first to offer bitcoin to Australian investors.

Monochrome Asset Management’s Monochrome bitcoin ETF (IBTC) went live on June 4 on the Cboe Australia exchange, a smaller rival of ASX. Unlike VBTC, the fund holds bitcoin directly. Since its launch, IBTC has traded an average of around 55,000 units a day on daily average cash volumes of about A$550,000.

Together the two exchange-traded funds signal a bitcoin ETF wave arriving in Australia, according to the Australian Financial Review.

Read More: Australian Securities Exchange Gives Its First Approval of a Spot Bitcoin Listing to VanEck

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