VanEck Bitcoin ETF Debuts on Australia\'s Primary Stock Market, Boosting Cryptocurrency Sector

In a further boost to the cryptocurrency sector, a Bitcoin BTC/USD spot exchange-traded fund has been listed on Australia's primary stock market for the first time.

The cryptocurrency sector received a further boost on Monday with the first-ever listing of a Bitcoin spot exchange-traded fund on Australia's primary stock market.

The VanEck Bitcoin ETF began trading on the Australian Securities Exchange, with a seed investment of nearly $657,000, Bloomberg reported. The ETF serves as a feeder fund for the $647 million VanEck Bitcoin Trust (NYSE:HODL) in the U.S.

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Other Australian firms, including Sydney-based BetaShares Holdings Pty and DigitalX Ltd., are also preparing for listings on the main Australian board. However, VanEck is the only applicant that has received approval so far.

While cryptocurrency ETFs are already available on CBOE Australia, the country's other exchange, the listing of a Bitcoin ETF on the main Australian stock market is a significant development.

Approvals for Bitcoin ETFs in and around Asia have picked up pace following U.S. approvals earlier this year. In April, Asian financial hub Hong Kong officially approved the first batch of spot Bitcoin and Ether ETFs.

The 11 U.S.-based ETFs have attracted inflows of $14.81 billion as of this writing, according to SoSo Value, serving as the primary trigger for the currency's price rise this year.

Price Action: At the time of writing, Bitcoin was trading at $65,176.87, showing a nearly flat movement in the last 24 hours, according to data from Benzinga Pro.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/vaneck-bitcoin-etf-debuts-australia-primary-stock-market-boosting-cryptocurrency-sector.html

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