AN EXCHANGE-TRADED fund (ETF) investing directly in Bitcoin will list on Australia’s main stock market for the first time, part of a wave of such launches after similar products began trading in the United States and Hong Kong.
Exchange operator ASX has approved the VanEck Bitcoin ETF for a Thursday (Jun 20) debut, the bourse and the asset manager said. A spokesperson for ASX – which handles the bulk of Australian equity trading – said VanEck is the only applicant with a green light so far and that engagement is ongoing with other issuers.
“Notwithstanding that crypto investing is a polarising topic, we recognise Bitcoin is an emerging asset class that many advisers and investors want to access,” said Arian Neiron, chief executive officer for VanEck in the Asia-Pacific region.
The Australian listing comes in the wake of the US$57 billion amassed by debut US Bitcoin ETFs this year, including offerings from BlackRock and Fidelity Investments as well as VanEck. Hong Kong permitted spot ETFs for Bitcoin and Ether in April, but they garnered a fraction of the interest of the US vehicles.
Sydney-based BetaShares Holdings and DigitalX, another local player, are also lining up for listings on the main Australian board. A BetaShares spokesperson said the firm is continuing to work on bringing spot-Bitcoin and Ether funds to market and hopes to launch them in the near future.
An initial round of Bitcoin ETFs listed in Australia two years ago on CBOE Australia, the country’s junior bourse. The funds had mixed success and it remains to be seen if the higher profile of the main stock market, alongside the rally in the largest digital asset over the past year, will lead to greater traction. BLOOMBERG
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