Australia’s largest stock exchange will list its second spot BTC ETF

It had previously placed the HODL fund from US-based VanEck

09.07.2024 - 10:11

181

2 min

What’s new? Australia’s largest stock exchange AXS will list its second spot bitcoin fund (ETF). Thus, AXS approved the application filed in April by blockchain company DigitalX, whose shares are also traded on this platform. The product under the ticker BTXX, created in partnership with K2 Asset Management and 3iQ, will start trading on July 12.

Material by Bloomberg

What else is known? DigitalX CEO Lisa Wade said the launch of the spot BTC ETF will attract new participants to the market and allow institutions to utilize bitcoin and other digital assets in strategic asset allocation. Earlier, she also predicted that the cryptocurrency would take up to 10% of Australians’ portfolios “given their potential as ‘financial rails’.”

The first spot BTC ETF listed on AXS on June 20 was HODL from US investment firm VanEck. A bid by Sydney-based asset manager BetaShares Holdings to launch both bitcoin and Ethereum funds is also pending.

The country’s first spot bitcoin fund was listed on the Cboe Australia exchange by Monochrome Asset Management on June 4. The launch was memorable because the product attracted only 1 bitcoin from investors at the end of the first day of trading.

According to CoinShares analysts, last week the inflow of funds into cryptocurrencies in Australia amounted to $3,7 million, and since the beginning of the year, the figure reached $52 million.

In Hong Kong, spot crypto ETFs were launched on April 30, while in the United States bitcoin funds began trading on January 11. Currently, the US securities regulator SEC is studying applications for the launch of ETH funds, and some analysts assume that they will be approved by the middle of the month.

Author: