ASX clears Australia’s first real asset-backed Bitcoin cash ETF

The Australian Securities Exchange (ASX), the country’s leading stock exchange, has reached a new milestone by approving its first Bitcoin cash exchange-traded fund (ETF). This decision could accelerate the adoption of cryptocurrencies in the region.

Australia clears the way for spot Bitcoin ETFs, ASX gives the green light

The Australian Securities Exchange (ASX), the country’s main stock exchange, has given the go-ahead for the listing of the first-ever Bitcoin exchange-traded fund (ETF) based on the physical asset.

June 20 marks launch of the VanEck Bitcoin ETF (VBTC), the very first spot Bitcoin ETF to be traded on ASX. The investment company VanEck will thus become the issuer of this new financial product in Australia, just five months after obtaining authorization to launch the VanEck Bitcoin Trust (HODL) in the United States.

According to Arian NeironVanEck CEO for the Asia-Pacific region, the VBTC will make Bitcoin more accessible by managing all the technical complexity involved in acquiring, storing and securing digital assets.

Although the VBTC the first real-asset-backed Bitcoin ETF to be endorsed by Australian Securities Exchange, other similar products have recently appeared on the Australian market. Earlier this month, the Cboe Australia has given the go-ahead for the launch of the Monochrome Bitcoin ETF (IBTC) following regulatory approval. In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) had already made its historic debut on the Australian market.

The ASX’s approval of VBTC marks a crucial step in the growing adoption of Bitcoin in Australia. With several ETFs now available, investors will have simplified access to this emerging asset class, a sign of the maturation of the crypto market in the country.