🌎 VanEck to Launch Australia’s First Spot Bitcoin ETF on ASX

Asset manager VanEck is set to launch Australia’s first-ever spot Bitcoin ETF. According to a recent update, the Australian Securities Exchange (ASX) has approved the VanEck Bitcoin ETF for listing on June 20. VanEck stated that its offering would be Australia’s lowest-cost Bitcoin (BTC) ETF.

VanEck has been pursuing a spot BTC ETF in Australia since 2021, becoming the first entity to formally apply for such products with the ASX. Following success in the U.S. and advanced Australian regulatory policies, the company refiled its BTC ETF bid back in February.

The latest update from VanEck confirmed regulatory approval from the Australian Securities & Investments Commission (ASIC), one of the two agencies, along with ASX, that must approve products before listing.

Launching on the ASX allows VanEck to access a significant portion of Australia’s capital market. Approximately 90% of the equity portfolio in Australia is reportedly on the ASX. “Like these investors, we consider the ETF vehicle to be the optimal delivery mechanism for an asset class like Bitcoin,” VanEck stated.

However, the ASIC has advised investors to remain aware of the risks associated with investing in funds that track cryptocurrency prices.

Other countries are accelerating plans to onboard crypto-backed funds, allowing investors to gain exposure to such products. Asia’s markets are being considered the next potential hub for crypto ETFs. Spot BTC funds have already opened in Hong Kong, although these investment products have seen modest flows compared to their U.S. counterparts.

Hong Kong has also shown a willingness to approve contentious crypto practices like Ethereum (ETH) staking, a move that could attract significant capital inflows in the region.