Australia's leading stock exchange, the Australian Securities Exchange (ASX), has approved the listing of the second bitcoin exchange-traded fund (ETF) on its platform.
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BREAKING NEWS: Australia's largest stock exchange approved its second spot twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Exchange-traded fund (ETF). image.twitter.com/SY5vIGEm4a
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1810594335517196678?ref_src=twsrc%5Etfw”>July 9, 2024
On July 9, the ASX gave the green light to the digital asset manager x.com/DigitalXLtd/status/1810461336612344144″>DigitalX to launch bitcoin spot ETF
This comes just weeks after the ASX approved its first bitcoin ETF in June, when it listed VanEck’s bitcoin ETF. These moves follow the successful debut of several bitcoin ETFs in the US in early 2024.
Australia has been gaining momentum in bitcoin ETFs over the past year. The country’s first spot bitcoin ETF, the 21Shares bitcoin ETF (EBTC), was launched in April 2022 and is listed on the Cboe Australia exchange.
More recently, in June, the Monochrome bitcoin ETF (IBTC) also began trading on the CBOE. Now, the ASX is following suit by approving its second bitcoin ETF after VanEck’s product became the first last month.
The surge in new bitcoin investment vehicles coming to the Australian market reflects the growing interest in bitcoin exposure. Investors are increasingly looking to gain exposure to bitcoin through regulated fund structures rather than through direct ownership.
ETFs offer a simple way to invest in this asset class without having to hold bitcoins directly. Many expect more countries to approve bitcoin ETFs as the instruments gain traction and regulatory acceptance expands.
By greenlighting yet another bitcoin ETF, Australia’s leading stock exchange demonstrates a favorable shift in attitudes toward bitcoin assets within one of the world’s leading financial markets.
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