Australia Gears Up to Offer First Spot BTC ETF to Millions
The Commonwealth Bank of Australia (CBA) has added the Monochrome Bitcoin enabling it to offer the BTC ETF to its 17 million customers
June 17, 2024 01:44 PM
Reading time: 1 minute, 41 seconds
TL;DR Australia is gearing up for a massive Bitcoin buying spree as the country's first spot Bitcoin ETF launches on the Australian Securities Exchange (ASX). This move marks a significant milestone in Australia's crypto journey, positioning it alongside global leaders.
Australia's First Spot Bitcoin ETF
Australia is set to witness a massive Bitcoin buying spree. The country's first spot Bitcoin exchange-traded fund (ETF) is about to commence trading on the Australian Securities Exchange (ASX).
VanEck Bitcoin ETF will be listed under the ticker VBTC on Thursday, June 20. This ETF will track the spot price of Bitcoin, marking a significant milestone in Australia's crypto journey.
ASX's Approval and Market Impact
The Australian Securities Exchange has approved the VanEck Bitcoin ETF. This approval responds to the growing demand among advisers and investors for Bitcoin investments.
Andrew Campion, ASX's general manager of investment products, noted the significant interest in Bitcoin over the last 12 months. This approval is expected to boost crypto adoption in Australia.
"We recognize Bitcoin is an emerging asset class that many advisers and investors want to access," said Arian Neiron, CEO of VanEck Asia-Pacific region.
A History of Successful Bitcoin ETFs
Australia has seen other Bitcoin-related ETFs over the past two years. The Global X Bitcoin ETF was the best-performing ETF in Australia last year, with a return of 153.5 percent.
The Monochrome Bitcoin ETF, managed by Monochrome Asset Management, has also launched on CBOE Australia. These ETFs have shown strong performance, driven by gains in the broader crypto market.
CBA Embraces Bitcoin ETF
The Commonwealth Bank of Australia (CBA) has added the Monochrome Bitcoin ETF (IBTC) to its offerings in a landmark development. This move allows CBA's 17 million customers to invest in Bitcoin through a regulated framework. The IBTC ETF was launched on June 4 on CBOE Australia, providing direct exposure to Bitcoin's price movements.
Global Trends and Local Innovations
Australia is aligning with global crypto ETF centers like Hong Kong and the United States. The VanEck Bitcoin ETF's approval comes after the U.S. SEC approved ten spot Bitcoin ETFs.
This trend is part of a broader strategy to boost innovation and meet evolving investor preferences in Australia. Monochrome's initiative to introduce a Spot Bitcoin ETF highlights the growing acceptance of cryptocurrencies among retail and institutional investors.
