- ASX has approved DigitalX’s spot Bitcoin ETF
- DigitalX partners with K2 Asset Management and 3iQ for management and distribution
- Growing interest among the Australian population
Australia’s leading stock exchange, the Australian Securities Exchange (ASX), has approved listing the second Bitcoin exchange-traded fund (ETF) on its platform.
On July 9th, the ASX gave the green light to DigitalX, a blockchain-focused asset manager, to launch a spot Bitcoin ETF. The firm revealed on a X post that the new ETF will begin trading on July 12th at 10 am local time under the ticker BTXX.
“The DigitalX Bitcoin ETF is a spot ETF product that provides ASX customers with direct access to Bitcoin via a regulated and liquid fund structure”
DigitalX’s CEO, Lisa Wade
“It is exciting to see the growth and development of the digital assets markets reflected in this approval”
DigitalX’s chair Toby Hicks
ASX Expands Bitcoin ETF Offerings with DigitalX Approval
It’s been about three weeks since the ASX gave the green light to its first Bitcoin ETF, VanEck’s spot Bitcoin ETF, on June 15. The ETF started trading on June 20. The moves come after the successful launch of several Bitcoin ETFs in the U.S. at the start of 2024.
The VanEck Bitcoin ETF (VBTC) started slowly on its first trading day, with just $1.3 million in volume. That’s way below the $450 million daily average seen by the nine United States-based spot Bitcoin ETFs across their first ten trading days.
DigitalX has formed a partnership with the investment management firm K2 Asset Management to act as the responsible entity and issuer of the spot Bitcoin ETF. Furthermore, DigitalX will collaborate with the cryptocurrency-focused investment firm 3iQ to promote and distribute the product across Australia and internationally.
Australia has been making headway in Bitcoin ETFs over the past year. The country’s first spot Bitcoin ETF, the 21Shares Bitcoin ETF (EBTC), launched in April 2022 and trades on the Cboe Australia exchange.
Most recently, in June, the Monochrome Bitcoin ETF (IBTC) also started trading on the Cboe. Now, ASX is getting in on the action by approving its second Bitcoin ETF, following in the footsteps of VanEck’s product, which became the first last month.
Growing Interest in Bitcoin ETFs Reflects Changing Attitudes in Australia
The recent surge of new Bitcoin investment vehicles hitting the Australian market shows that more and more people are interested in getting exposure to Bitcoin. It seems that more and more investors are looking to gain Bitcoin exposure through regulated fund structures rather than direct ownership.
ETFs are a great way to invest in the asset class without having to worry about Bitcoin’s custody. As the instruments gain traction and regulatory acceptance expands, it seems that more countries will approve Bitcoin ETFs.
In a statement, DigitalX CEO Lisa Wade said, “Our offering will enable Australians to invest in Bitcoin, without having to manage digital wallets, cost-effectively and securely.
By approving another Bitcoin ETF, the main securities exchange in Australia is showing that attitudes toward Bitcoin assets are changing in one of the world’s top financial markets.
