Australian Stock Exchange to list VanEck’s spot BTC ETF

Applications from other issuers are still being considered

17.06.2024 - 11:10

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What’s new? The Australian Stock Exchange (ASX) is preparing to list the first overseas spot bitcoin exchange-traded fund (ETF). ASX will list the HODL fund from US investment firm VanEck. Among US funds, it ranks sixth in terms of assets under management ($660,55 million) and fifth in terms of total inflows since the start of trading on January 11 this year ($532 million).

Material by Bloomberg

What else is known? The ASX said VanEck’s HODL is currently the only spot BTC ETF approved for listing, but the exchange is still in talks with other issuers. Trading of HODL shares will begin on June 20.

One potential issuer is Sydney-based BetaShares Holdings. Its representative said that the company continues to work on bringing spot funds based on BTC and ETH to the market and hopes to launch them shortly. DigitalX has also applied for a listing on AXS.

VanEck, for its part, noted the growing influence of the first cryptocurrency. VanEck’s chief executive officer for APAC, Arian Neiron, said:

“Notwithstanding that crypto investing is a polarizing topic, we recognize Bitcoin is an emerging asset class that many advisers and investors want to access.”

In the US, HODL is traded on the Chicago Board Options Exchange (CBOE) with a 0,25% management fee. VanEck donates 5% of its management fee to Brink’s NPO, supporting the development of open-source projects on the Bitcoin network.

Spot BTC ETFs were launched in the United States on January 11 this year; similar ETH-based products have yet to receive approval from securities regulator SEC. In Hong Kong, spot funds based on both assets launched on April 30, but did not attract significant investor interest.

In Australia, the first spot bitcoin fund was launched on the Cboe Australia exchange by Monochrome Asset Management on June 4. At the end of the first day of trading, it attracted only 1 bitcoin.

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