- The ETF by VanEck will be the “lowest cost Bitcoin ETF in Australia.”
- The approval sets the tone for the legitimization of crypto in Australia.
VanEck will debut the first spot Bitcoin ETF on the Australian Securities Exchange (ASX) on June 20. VanEck described the ETF product as one of its kind and the first on ASX. The “VanEcK Bitcoin ETF will be the lowest cost Bitcoin ETF in Australia,” reads part of the announcement. The company adds:
“With a mantra of ‘Access the opportunities,’ for many years, investors have leaned on VanEck in their pursuit of a bitcoin ETF. Like these investors, we consider the ETF vehicle to be the optimal delivery mechanism for an asset class like bitcoin.”
VanEck resubmitted its Bitcoin ETF application to the ASX in February, having worked to bring the products to ASX since early 2021.
See Related: Australia To Launch Its First Bitcoin ETF
Approval Gives Legitimacy To Crypto And Associated Products
VanEck’s Bitcoin ETF debut has been lauded as a significant step towards the legitimization of crypto and associated ETFs in the region. This comes after the US approved similar products in January, raising expectations in other major global nations.
In Australia, companies are required to earn the approval of the Australian Securities & Investments Commission (ASIC) and the exchange listing the product. VanEck believes that despite the existing regulatory and exchange framework challenges in Australia, it will lead the way in bringing ETF products to ASX investors.
More spot ETF approvals are expected in Australia, with several other companies working to have their ETFs approved for trading in the country. Reports had earlier intimated that DigitalX Ltd and BetaShares were working to debut their ETFs on ASX.
