Bitcoin: A Second BTC ETF is Coming To Australia

Paigambar Mohan Raj
Source: Biztech Africa

Australian cryptocurrency fund manager DigitalX has received regulatory approval to list its spot Bitcoin (BTC) exchange-traded fund (ETF) on ASX. ASX is the country’s biggest and most prominent stock exchange. DigitalX’s spot BTC ETF will be the second BTC ETF on ASX after VanEck’s BTC ETF made its debut on the exchange last month.

According to the press release, the ETF will trade under the ticker BTXX and will begin trading from Friday.

Also Read: Bitcoin (BTC) ETF Now On Australia’s Main Stock Exchange

DigitalX CEO Lisa Wade stated, ‘Our offering will enable Australians to invest in Bitcoin, without having to manage digital wallets, in a cost effective and secure manner.

Wade further stated ‘We are pleased to now be able to deliver and offer this spot Bitcoin ETF to the Australian market. This is a watershed moment for us as a business and for the Australian digital asset investment market. The DigitalX Bitcoin ETF is a spot ETF product that provides ASX customers with direct access to Bitcoin via a regulated and liquid fund structure.

Will Bitcoin pick up steam after the second Australian spot BTC ETF?

Source – SkyNews

BTC’s price fell below $55,000 yesterday. BTC has since picked up the pace and reclaimed the $57,000 level, rallying 3.4% in the last 24 hours. One reason for the current market slump is the increased outflows from BTC ETFs. The launch of DigitalX’s BTC ETF could change the tide for BTC if it gets people’s attention.

Also Read: German Govt. Moves 1000 Bitcoin Worth $55 Million: Another Slump?

VanEck’s BTC ETF launch in Australia did not do much to push BTC’s price. There is a possibility that a similar pattern will emerge for DigitalX.

The average mining cost for one Bitcoin surpassed the $86,000 level last month. According to cryptocurrency analyst Ali Martinez, BTC’s price has historically surpassed its average mining cost. Going by Martinez’s analysis, we may see BTC hit a new all-time high upwards of $86,000.