VanEck Launches First Bitcoin ETF on Australia’s Largest Exchange on Thursday

Renowned investment firm VanEck has announced news awaited by many in the cryptocurrency market: regulatory approval for the launch of its first Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX). The debut is scheduled for June 20th, representing an unprecedented opportunity for Australian investors to access the Bitcoin market in a regulated manner.

Since the beginning of 2021, VanEck has been working tirelessly to make this ETF a reality, and after a resubmission of the application in February of this year, its efforts have come to fruition. The company highlighted in a blog post the challenges faced, including regulatory and exchange infrastructure aspects, but stated its commitment to leading the Australian market with this new product.

VanEck’s announcement comes at a crucial time, shortly after Monochrome Asset Management received approval for a similar ETF on Cboe Australia, another major exchange in the country. Monochrome positions its ETF as the first to directly hold Bitcoin in Australia, which highlights the growing competition and interest in this type of financial product.

Interest in Bitcoin ETFs is not limited to Australia. In the United States, the approval of Bitcoin ETFs by the Securities and Exchange Commission (SEC) in January had already boosted acceptance of the cryptocurrency among both institutional and retail investors. The term “digital gold” is often used to describe Bitcoin, seen as a store of value and a hedge against inflation, which has been a factor in the cryptocurrency’s price resurgence in early 2024.

Now, the North American market is paying attention to the potential launch of Ethereum-based ETFs, following surprise approval by the SEC last month. SEC Chairman Gary Gensler mentioned in a Senate committee that he expects Ethereum products to begin trading this summer.

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