Bitcoin ETF Launches On Australia's Main Stock Exchange For The First Time By Reuters | Old North State Wealth News
Connect with us


Bitcoin ETF launches on Australia’s main stock exchange for the first time By Reuters



By Lewis Jackson

SYDNEY (Reuters) – A bitcoin exchange-traded fund (ETF) launched on Australia’s main stock market for the first time on Thursday as fund managers debut products to satisfy investors returning to cryptocurrency markets following a boom in prices.

The VanEck ETF launched with around A$990,000 ($660,429) in assets on the Australian Securities Exchange and is the culmination of over three years of negotiations with operator ASX.

The fund will not own bitcoin directly, but invest in the U.S.-listed VanEck Bitcoin Trust, which launched in January. VanEck’s European subsidiary also manages 12 similar cryptocurrency funds.

Investors have poured billions of dollars into cryptocurrency ETFs in the U.S. after regulators approved several products in January. Hong Kong followed in April with the launch of six funds, although interest there has been more muted.

VanEck Australia said in March the greenlight from U.S. regulators triggered a jump in requests from brokers and financial advisers for similar products.

The price of bitcoin has almost tripled since 2023, although prices have stalled since a peak in March.

A competitor exchange in Australia run by the local subsidiary of CBOE Global Markets already hosts several bitcoin ETFs.

However, the VanEck Bitcoin ETF is the first fund to launch on the main exchange, where it will share the tickertape with some of the country’s most well-known corporations such as BHP and Commonwealth Bank.

($1 = 1.4990 Australian dollars)

Read the full article here



Copyright © 2024 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.