VanEck's Spot Bitcoin ETF Goes Live on Australia's Largest Stock Exchange
VanEck's spot Bitcoin ETF (VBTC) has officially launched on the Australian Securities Exchange (ASX), Australia's largest stock market. The ETF was approved earlier this week and is now available for trading, providing Australian investors with a simplified and secure way to gain exposure to Bitcoin.
NEW: VanEck's spot #Bitcoin ETF officially went live on Australia's largest stock exchange pic.twitter.com/m0gehtEd70
Bitcoin Magazine (@BitcoinMagazine) June 20, 2024
"ASX welcomes VBTC to the exchange!" announced ASX. "Congratulations to the VanEck Australia team for launching the first crypto ETF on ASX."
The launch of VanEck's Bitcoin ETF on ASX offers a more accessible option for investors who prefer traditional stock exchanges over crypto exchanges. This ETF, which carries a management fee of 0.59%, allows investors to gain exposure to Bitcoin without directly holding the BTC, thereby reducing the complexities and risks associated with direct ownership.
"While it has been possible to trade Bitcoin via crypto exchanges, trading units with exposure to Bitcoin via an ETF on an exchange like ASX means youre able to buy and sell those units through a traditional brokerage account, simplifying the process and opening the opportunity to more Australians," said Andrew Campion, ASX's general manager of investment products and strategy.
Earlier this month, the Monochrome Asset Management's Bitcoin ETF began trading on the Cboe Australia exchange, which has so far purchased over 54 bitcoin worth $5.3 million AUD.
Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 19/06/24 pic.twitter.com/TjtHmn0jVF
Monochrome (@MonochromeAsset) June 20, 2024
Text source: Bitcoin Magazine: Bitcoin News, Articles, Charts,
