The Australian BTC ETF is set to be launched by the end of the year, following the success of U.S. Bitcoin ETFs which have amassed up to $58 billion according to Bloomberg. Countries like Australia, the United States, and Hong Kong are increasingly embracing Bitcoin ETFs as a viable investment option.
The Australian Securities Exchange Ltd. (ASX) has given official approval for the first spot Bitcoin exchange-traded fund, scheduled to start trading on June 20. Leading fund issuers such as Van Eck Associates Corp. and BetaShares Holdings have reportedly submitted ETF applications for approval. VanEck plans to release the spot Bitcoin ETF by the end of the year, following the trend of successful Bitcoin ETFs in the U.S. which have accrued approximately $53 billion in assets under management.
VanEck’s CEO, Arian Neiron, highlighted in a press release that Bitcoin is becoming a significant asset class. The VanEck BTC ETF (VBTC) aims to provide increased access to Bitcoin by simplifying aspects like acquisition, storage, and security.
In response to the market demand, Australian crypto investment firm Monochrome Asset Management recently listed IBTC on the Cboe Australia exchange, allowing Australian investors to directly invest in Bitcoin through a regulated platform. The Global X 21 Shares Bitcoin ETF (EBTC) was the first Bitcoin ETF in Australia, launched in April 2022.
Australia’s pension market, valued at $2.3 trillion, is expected to contribute to the influx of Bitcoin ETF investments. Pensioners are increasingly considering digital assets as an alternative investment avenue.
The U.S. BTC spot ETF currently sees a daily net inflow of $190.08 million, with a significant net outflow of $226.2 million reported yesterday. Bitcoin’s price surged above $69,000 three days ago but has since dropped by 1.13% to $66,238 today, marking a 4.60% decrease over the past week. Bitcoin has exhibited notable volatility this week, with a 5.39% decrease in trading volume, as reported by CMC.
In other news, the Governor of Oklahoma has signed a bill exempting sales tax for Bitcoin mining activities.