VanEck’s Spot Bitcoin ETF Goes Live on Australia’s Biggest Stock Exchange

The VanEck Bitcoin ETF was launched on Thursday, offering Australians a way to invest in Bitcoin with exposure to the company’s US equivalent.

The start of trading weeks after Monochrome Asset Management’s smaller exchange-listed ETF is a sign that the global BTC ETF wave has reached the country.

Australia’s largest stock exchange listed its first spot bitcoin {{BTC}} exchange-traded fund (ETF) on Thursday, as demand for an easy way to invest in cryptocurrencies accelerates globally.

VanEck Bitcoin ETF (VBTC) has gone live on the Australian Securities Exchange (ASX), which accounts for 90% of the country’s equity market. The exchange approved the product listing earlier this week.

VBTC ended the day at AU$20.06 (US$13.4), up 1% from its opening price, after 99,791 shares were traded. The ETF is a feeder fund that provides exposure to bitcoin by investing in the company’s Bitcoin Trust (HODL), a US ETF listed on Cboe.

While the start of trading comes about six months after spot bitcoin products listed in the US and about seven weeks after they launched in Hong Kong, the product is not the first to offer bitcoin to Australian investors.

Monochrome Asset Management’s Monochrome bitcoin ETF (IBTC) went live on June 4 on the Cboe Australian exchange, a smaller rival to the ASX. Unlike VBTC, the fund holds Bitcoin directly. Since its launch, IBTC has traded an average of approximately 55,000 units per day, with an average daily cash volume of approximately AU$550,000.

Together, the two exchange-traded funds signal a wave of bitcoin ETFs coming to Australia, according to the Australian Financial Review.

Read More: Australian Securities Exchange Gives VanEck First Approval for Spot Bitcoin Listing