Australia’s biggest stock exchange just approved the first Spot Bitcoin Exchange Traded Fund. In fact, $89 billion Asset Management firm VanEck This week, the first BTC investment products will be launched on the platform.
This decision by the Australian Securities Exchange (ASX), comes only six months after US regulators approved the BTC ETF back in January. These products are a great success. Companies like BlackRock and VanEck have led the way in increasing interest from institutional investors.
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Australia’s ASX gets first spot for Bitcoin ETF approval
Bitcoin already dominates the discourse within the finance industry six months after the start of the year. Cryptocurrency has seen a huge surge in interest and adoption. Its price may have decreased in the past week but it reached an all-time high of $73,000 back in March 2024.
This could increase even further as another country introduces an ETF based on BTC. ASX, Australia’s biggest stock exchange has approved the Spot Bitcoin Exchange-Traded Fund to be launched this week. The exchange-traded BTC product is now available in the third market region after Hong Kong and the US.
Arian Néiron, CEO of VanEck Asia Pacific and managing director, spoke about the ETF. He noted specifically that “demand for access to Bitcoin via listed vehicle traded on ASX has been increasing.” He also revealed that customers told him they were unhappy with the service. “have an allocation ready to invest.”
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The country had already Spot Bitcoins ETFs but this is the first one for ASX. Global X 21 Shares Bitcoin ETF’s (EBTC), on the other hand, was launched officially two years ago. Cboe Australina Exchange also approved Monochrome Bitcoin ETF IBTC in early Jube.
ASX’s announcements and decision on the product clearly demonstrate a rising demand. It has become a reality on a global scale. BTC is gaining in popularity as more people are interested by the potential of this technology and its place in future.
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Source: watcher.guru