In what is certainly a testament to the asset’s continued growth, Australia’s largest stock exchange has just approved its first Spot Bitcoin ETF. Indeed, the $89 billion asset management firm VanEck is set to issue the inaugural BTC investment product on the platform to debut this week.
The Australian Securities Exchange (ASX) decision comes just six months after the US greenlit the BTC ETF in January. Those products have seen tremendous success, with prominent firms like BlackRock and VanEck leading the cryptocurrency to increased institutional investment interest.
Also Read: Ethereum ETFs Expected to Capture 20% of Bitcoin ETF Flows
Australia’s ASX Gets First Spot Bitcoin ETF Approval
Bitcoin has already dominated discourse in the finance sector just six months into the year. The cryptocurrency has faced a massive surge in adoption and intrigue. Although its price has decreased this past week, it did reach a $73,000 all-time high in March 2024.
Moreover, that could be set to increase as yet another country has introduced a BTC-based ETF. Specifically, Australia’s largest stock exchange, ASX, has approved a Spot Bitcoin ETF to debut this week. They become the third region, after the US and Hong Kong, to approve the BTC exchange-traded product.
VanEck Asia Pacific CEO and Managing Director, Arian Neiron, discussed the incoming ETF. Specifically, he noted that “demand for access to Bitcoin via listed vehicle traded on ASX has been increasing.” Additionally, he revealed that clients told the firm they “have an allocation ready to invest.”
Also Read: BlackRock’s Spot Bitcoin ETF Now Holds More Than $21B in BTC
Although the country already had Spot Bitcoin ETFs, it is the first for ASX. Alternatively, Global X 21 Shares Bitcoin ETF (EBTC) officially launched two years ago. Additionally, early Jube saw Cboe Australina Exchange approve the Monochrome Bitcoin ETF (IBTC).
Still, ASX’s decision to greenlight the product, and its statements regarding that decision, clearly show a growing demand. That has proven to be a global reality. There is no denying that BTC has increased tremendously in interest as the finance sector becomes ever more intrigued by its potential and future place.