9 July 2024
Australia’s leading stock exchange, the Australian Securities Exchange (ASX), has approved listing the second Bitcoin exchange-traded fund (ETF) on its platform.
BREAKING: 🇦🇺 Australia’s largest stock exchange has approved its second spot #Bitcoin ETF. pic.twitter.com/SY5vIGEm4a
— Bitcoin Magazine (@BitcoinMagazine) July 9, 2024
On July 9th, the ASX gave the green light to digital asset manager DigitalX to launch a spot Bitcoin ETF. The new ETF will begin trading on July 12th under the ticker BTXX.
This comes just weeks after the ASX approved its first Bitcoin ETF in June when it listed the VanEck Bitcoin ETF. The moves follow the successful debut of several Bitcoin ETFs in the U.S. beginning in early 2024.
Australia has been building momentum 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 began trading on the Cboe. Now, ASX is following suit by approving its second Bitcoin ETF after VanEck’s product became the first last month.
The flurry of new Bitcoin investment vehicles hitting the Australian market reflects the growing interest in Bitcoin exposure. Investors are increasingly looking to gain Bitcoin exposure through regulated fund structures rather than direct ownership.
ETFs provide an easy avenue to invest in the asset class without needing to custody Bitcoin directly. Many expect more countries to approve Bitcoin ETFs as the instruments gain traction and regulatory acceptance expands.
By greenlighting another Bitcoin ETF, Australia’s main securities exchange demonstrates a favourable shift in attitudes toward Bitcoin assets within one of the world’s top financial markets.