Australia Joins Global Trend with VanEck Bitcoin ETF Debut on ASX, Reflecting Growing Cryptocurrency Influence in Asia-Pacific Markets

According to Bloomberg, marking a significant milestone, Australia has joined the global trend of bitcoin ETF listings with the debut of an exchange-traded

Australia has joined the global trend of bitcoin ETF listings with the debut of an exchange-traded fund on its primary stock market on Monday, a significant milestone in the cryptocurrency's growing influence in the Asia-Pacific region, Bloomberg reported.

The VanEck Bitcoin ETF began trading on the ASX Ltd exchange on June 20, with a seed investment of about A$985,000 ($647,000). The product is a feeder fund for the $647 million VanEck Bitcoin Trust that trades in the United States.

U.S. bitcoin ETFs launched in January and have quickly gathered $56 billion, making a large impact on Wall Street. Those in Hong Kong for spot ETFs in bitcoin and ether, which were permitted in April, have seen far less interest.

Other applications for listings on the main Australian bourse are from BetaShares Holdings Pty, a Sydney-based firm, and DigitalX Ltd, another local player. A spokesperson for the ASX told Reuters that VanEck was the only applicant to have received approval so far and that discussions with other issuers were continuing.

The other bourse in the country, CBOE Australia, already offers crypto ETFs. Global X 21Shares Bitcoin, Global X 21Shares Ethereum and Monochrome Bitcoin ETFs, the latter being the largest, had a combined asset value of about $90 million.

Looking ahead, Bloomberg Intelligence senior ETF analyst Rebecca Sin said the potential for virtual-asset ETFs in the Asia-Pacific ex-Japan market was seen at over $3 billion in the coming years. The projection, which was expected to be split fairly evenly between Australia, Hong Kong and South Korea, highlighted the region's growing appetite for cryptocurrency investments.

Bitcoin has nearly quadrupled in value since the start of 2023 in a recovery from a deep bear market that saw the token hit a low of $14,233 in March 2023. The rally reached a peak of $73,798 in March, but momentum has since stalled and the token has slipped.

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