ASX approves first spot Bitcoin ETF

This approval comes on the heels of VanEck’s recent success in the US, where the company launched the VanEck Bitcoin Trust, a spot Bitcoin exchange traded fund, on January 11

Australia’s biggest stock exchange, the Australian Securities Exchange (ASX), has approved its first spot Bitcoin exchange traded fund (ETF), set to commence trading on June 20. The new exchange traded fund, named the VanEck Bitcoin ETF (VBTC), will be issued by investment company VanEck.

This approval comes on the heels of VanEck’s recent success in the US, where the company launched the VanEck Bitcoin Trust (HODL), a spot Bitcoin exchange traded fund, on January 11. VanEck’s CEO for the Asia-Pacific region, Arian Neiron, emphasised the growing demand for Bitcoin exposure in Australia, particularly through regulated and transparent investment vehicles.

We recognise Bitcoin is an emerging asset class that many advisers and investors want to access, according to Neiron. VBTC also makes Bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing, and securing digital assets is no longer necessary, he added.

The approval of VBTC marks a significant landmark as it is the first spot Bitcoin exchange traded fund to be approved by the Australian Securities Exchange. Nevertheless, it is not the first Bitcoin ETF to launch in Australia. Over the last two years, there have been two other Bitcoin ETFs introduced in the country.

The first Bitcoin exchange traded fund to debut in Australia was the Global X 21 Shares Bitcoin ETF (EBTC), which launched in April 2022. Most recently, the Monochrome Bitcoin ETF (IBTC) was approved and began trading on June 4 on Australia’s second-biggest stock exchange, the Cboe Australia exchange. These previous launches suggest a growing acceptance and interest in Bitcoin investment products within the Australian market.