The Australian Securities Exchange (ASX) has approved its first spot Bitcoin ETF by VanEck, set to launch on June 20.
The Australian Securities Exchange (ASX) has given the green light to its first spot-bitcoin exchange-traded fund (ETF). VanEck Australia is set to launch the product on June 20, as reported by CoinDesk.
The ASX, which commands a substantial 90% of Australia’s equity market, has approved the VanEck Bitcoin ETF (VBTC) after the firm resubmitted its application in February. This decision comes as an earlier-than-expected development, with Bloomberg having previously reported that the first batch of spot bitcoin ETFs might receive ASX approval before the end of 2024.
Before this approval, Australia's Cboe Australia exchange, a smaller competitor to the ASX, had already given the nod to the Monochrome Bitcoin ETF (IBTC) from Monochrome Asset Management. According to interviews with industry experts by CoinDesk, "there was more excitement for a spot bitcoin ETF to begin trading on Cboe Australia's larger rival, ASX, due to the larger volumes available there."
The approval process in Australia involves both regulatory clearance from the Australian Securities & Investments Commission (ASIC) and then the exchange listing the product. ASIC had communicated to CoinDesk that VanEck and other firms like DigitalX Ltd. and BetaShares either held the required license themselves or were in partnership with a licensed entity.
Bitcoin Magazine commented on the importance of ASX's decision, stating that as the country's largest stock exchange, its embrace of a Bitcoin ETF enhances the visibility and credibility of Bitcoin as an investment, potentially influencing other countries to follow suit.
Arian Neiron, CEO and Managing Director at VanEck Asia Pacific, expressed the growing demand for Bitcoin access via a listed vehicle on the ASX. He emphasized that clients were ready to allocate investments to the new ETF.
