The VanEck Bitcoin ETF (ASX:VBTC) traded on the Australian Stock Exchange (ASX) today, following the lead of the US. VanEck said the exchange-traded fund was the first and most cost-effective Bitcoin ETF on ASX.
Other sponsors are expected to enter the Australian market with a Bitcoin ETF as well.
While critics point to the concept of Bitcoin and question the need for a single asset ETF, proponents view exchange-traded products as a way to grow exposure in a regulated environment. Bitcoin has also been described by some as a hedge against inflation.
Amy-Rose Goodey, Managing Director of The Digital Economy Council of Australia (previously Blockchain Australia), said in an email to CI the BTC ETF was a significant milestone in the advancement of the digital asset industry.
“The approval of ETFs locally holds multiple advantages. It is poised to accelerate mainstream adoption by legitimising digital assets within traditional finance, fostering greater acceptance among institutional investors. This move is expected to catalyse a ripple effect, prompting further ETF approvals and stimulating local investor interest in engaging with the burgeoning digital economy,” said Goodey. “In essence, these developments underscore a pivotal moment for Australia’s digital asset ecosystem, positioning us well to keep pace with global trends in finance and technology integration.”
This past week, the US Securities and Exchange Commission backed away from deeming Ethereum (ETH) a security. This move may foreshadow another crypto ETF for Ether.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!
