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VanEck to Launch First Bitcoin ETF on ASX

The initial approval of VanEck’s bitcoin ETF by ASX, the dominant exchange in Australia, could provide a greater sense of legitimacy to crypto and its associated ETFs in the region.

Global investment firm VanEck has received regulatory approval to launch Australia’s first Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) on June 20. This milestone offers Australian investors a regulated opportunity to invest in Bitcoin.

VanEck has been working towards this launch since early 2021. Despite facing significant regulatory and exchange framework challenges, the firm persisted, resubmitting its application in February 2023. VanEck’s blog highlighted its pioneering efforts, stating, “VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors.”

The ETF will provide direct exposure to Bitcoin, offering a secure and regulated investment option. This move reflects the increasing mainstream acceptance of digital currencies and addresses common concerns about the volatility and security of cryptocurrency investments.

The announcement follows the recent approval of Monochrome Asset Management’s Bitcoin ETF by the Cboe Australia exchange, a smaller competitor to the ASX. Monochrome’s product is notable for being the first and only ETF in Australia to hold Bitcoin directly.

In the broader context, Australia’s approval of this spot Bitcoin ETF aligns with similar developments globally. Earlier this year, the U.S. approved 11 spot Bitcoin ETFs, and the SEC recently authorized the sale of spot Ether ETFs.

VanEck is inviting potential investors to register their interest in the product on their website. The firm aims to leverage its global expertise to offer Australian investors a premier cryptocurrency investment solution. As VanEck prepares to launch its ETF, it signifies a significant step towards integrating digital assets into Australia’s financial ecosystem.

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