The Australian Securities Exchange (ASX), Australia’s leading stock exchange, has approved the listing of the second Bitcoin exchange-traded fund (ETF) on its platform.
BREAKING: 🇦🇺 Australia’s largest stock exchange has approved its second offering #Bitcoin Exchange traded fund. pic.twitter.com/SY5vIGEm4a
— Bitcoin Magazine (@BitcoinMagazine) July 9, 2024
On July 9, the ASX gave the green light to the digital asset manager. DigitalX to Launch Spot Bitcoin ETFThe new fund is scheduled to begin trading on July 12 under the symbol BTXX.
This comes just weeks after the ASX approved the first bitcoin exchange-traded fund in June when it listed the VanEck Bitcoin ETF. The moves follow the successful launch of several bitcoin ETFs in the US starting in early 2024.
Australia has been building momentum in bitcoin ETFs over the past year. The country’s first spot bitcoin ETF, the 21Shares Bitcoin ETF (EBTC), launched in April 2022 and is traded on the Cboe Australia exchange.
Most recently, in June, the Monochrome Bitcoin ETF (IBTC) also began trading on the Cboe exchange. Now, the ASX is following suit by approving its second Bitcoin ETF after VanEck’s product became the first last month.
The wave of new Bitcoin investment vehicles hitting the Australian market reflects a growing interest in Bitcoin exposure. Investors are increasingly looking to gain exposure to Bitcoin through regulated fund structures rather than direct ownership.
ETFs provide an easy way to invest in the asset class without having to hold Bitcoin directly. Many expect more countries to approve Bitcoin ETFs as the instruments gain traction and regulatory acceptance expands.
By giving the green light to another Bitcoin fund, Australia’s main stock exchange has signaled a positive shift in attitudes towards Bitcoin assets within one of the world’s largest financial markets.
