Australian Securities Exchange Gives Its First Approval of a Spot Bitcoin Listing to VanEck

The Australian Securities Exchange has approved the listing of the first spot Bitcoin ETF.

VanEck Australia’s product will launch on June 20 and will be the first of its kind to list on the stock exchange in the country, the issuer said.

The Australian Securities Exchange (ASX), which accounts for 90% of the Australian stock market, has approved the first spot bitcoin {BTC} exchange-traded fund (ETF), according to a blog by issuer VanEck.

The blog said VanEck “launched its first bitcoin ETF on the ASX on June 20” and that it will be the “lowest cost bitcoin ETF in Australia”. VanEck re-applied for the product in February.

Reports in April said DigitalX Ltd. had applied for approval on the ASX in February, and Sydney-based BetaShares was working to launch a product on the ASX. Bloomberg had previously reported that the first batch of spot bitcoin ETFs could be approved by the ASX before the end of 2024, suggesting this is an earlier development than expected.

Unlike the US, in Australia companies require approval from the regulator, the Australian Securities and Investments Commission (ASIC), followed by approval from the exchange listing the product. In May, ASIC told CoinDesk in an email that DigitalX Ltd., VanEck and BetaShares “hold the relevant license or work with another firm that holds the required license.”

Earlier this month, Australia-based Monochrome Asset Management’s Monochrome bitcoin (BTC) ETF (IBTC) received approval from Cboe Australia exchange, a smaller rival to the ASX. At the time, the company said the product was the first and only ETF in Australia to directly hold bitcoin.

“Despite the hurdles that need to be cleared, including regulatory and exchange framework challenges as well as ASIC approval in Australia, VanEck intends to lead the way in offering the first Bitcoin ETF to ASX investors,” the blog said.

Australian industry experts have previously told CoinDesk that there is more excitement for a spot Bitcoin ETF to begin trading on the ASX, Cboe Australia’s larger rival, due to the larger volumes available there. Thus, the ASX’s initial approval of a VanEck product could lend further legitimacy to cryptocurrency and its associated ETFs in the region.

After the US approved spot bitcoin ETFs in January, expectations were high for countries in APAC to approve such products as they continue their efforts to be seen as major crypto hubs.

VanEck also said it plans to leverage its global expertise and infrastructure to offer Australian investors a best-in-class cryptocurrency solution, given that it is one of the only approved spot bitcoin ETFs in the US and has similar products in Europe.

Read More: Australia’s First Spot Bitcoin ETF with Direct BTC Assets to Go Live on Tuesday