VanEck to Launch First Bitcoin ETF on Australian Securities Exchange

Global investment firm VanEck said it has received regulatory approval to launch a Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) on June 20, providing Australian investors with a regulated avenue to invest in Bitcoin.

VanEck said that it has been working to introduce a Bitcoin ETF to the ASX since early 2021, writing in a blog post that it was the first to formally file to offer a Bitcoin ETF, resubmitting its application in February this year. 

“Despite hurdles to clear in Australia, including regulatory and exchange framework challenges," the firm wrote, "VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors."

VanEck is inviting potential investors to register their interest in the product on their website.

Earlier this month, Monochrome Asset Management’s Bitcoin ETF won approval from the Cboe Australia exchange, a smaller rival to the ASX.  Monochrome described their product as the first and only ETF in Australia to hold Bitcoin directly.

The launch of the VanEck and Monochrome Bitcoin ETFs in Australia follows the explosive popularity of similar investment products in the United States. Regulated Bitcoin ETFs, approved by the U.S. Securities and Exchange Commission (SEC) in January, have contributed to broader acceptance of the cryptocurrency by both institutional and retail investors.

Often referred to as “digital gold,” Bitcoin is seen as a potential store of value and hedge against inflation. Bitcoin spot ETFs were largely credited for the strong resurgence in Bitcoin's price in the early part of 2024.

The American market is now looking forward to the release of ETFs based on Ethereum, the second-largest cryptocurrency by market cap, after they were unexpectedly approved by the SEC last month. SEC Chair Gary Gensler told a Senate committee last week that he expects the Ethereum products to begin trading this summer.

VanEck has developed digital asset products globally, citing a dozen cryptocurrency exchange-traded products in Europe alone. The firm was the first to file for an Ethereum spot ETF in the U.S., and its application was among those approved in May.

Edited by Ryan Ozawa.