Bitcoin ETF Wave Hits Australia as VanEck’s Spot Bitcoin ETF Goes Live on ASX

The Australian Securities Exchange (ASX) has listed its first spot-bitcoin exchange-traded fund (ETF), marking a significant milestone in the country’s cryptocurrency adoption. The VanEck Bitcoin ETF (VBTC) debuted on Thursday, offering Australians a way to invest in bitcoin through exposure to the company’s U.S. equivalent.

The ASX, which accounts for 90% of the country’s equity market, has listed its first spot-bitcoin ETF.

The ETF is a feeder fund that provides exposure to bitcoin by investing in the company’s Bitcoin Trust (HODL), a U.S. ETF listed on Cboe. VBTC rose 1% from its opening price to end the day at A$20.06 ($13.4) after trading 99,791 shares.

This development comes about six months after spot bitcoin products listed in the U.S. and about seven weeks after they debuted in Hong Kong. However, it’s not the first time Australian investors have had access to bitcoin ETFs. Monochrome Asset Management’s Monochrome bitcoin ETF (IBTC) went live on June 4 on the Cboe Australia exchange, a smaller rival of ASX. Unlike VBTC, the fund holds bitcoin directly.

A bitcoin ETF allows investors to gain exposure to the cryptocurrency without directly holding it.

The listing of these ETFs signals a bitcoin ETF wave arriving in Australia, according to the Australian Financial Review. This trend is expected to continue, with more investors seeking to tap into the cryptocurrency market.

In related news, Anthony Scaramucci, founder of Skybridge Capital and former White House communications director under Trump, has expressed his support for Biden, citing the need for stability in the capital markets. Scaramucci predicts that bitcoin will hit a record high under a second Biden term, as the crypto industry has already won and the administration appears to be changing its position on crypto.

Anthony Scaramucci, founder of Skybridge Capital, predicts bitcoin will hit a record high under a second Biden term.

Scaramucci’s comments come as the crypto market continues to evolve, with investors seeking to capitalize on the growing demand for digital assets. As the industry continues to mature, it’s likely that we’ll see more innovative products and services emerge, providing investors with greater access to the cryptocurrency market.

The crypto market is expected to continue growing, with more investors seeking to tap into digital assets.

In conclusion, the listing of VanEck’s spot bitcoin ETF on the ASX marks a significant milestone in Australia’s cryptocurrency adoption. As the crypto industry continues to evolve, it’s likely that we’ll see more innovative products and services emerge, providing investors with greater access to the cryptocurrency market.

Bitcoin, the largest cryptocurrency by market capitalization, continues to attract investors.