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According to a recent blog update, the Australian Securities Exchange (ASX) has approved the VanEck Bitcoin ETF for listing on June 20. VanEck, a major money manager, announced that its offering would be Australia’s lowest-cost Bitcoin (BTC) ETF.
VanEck has pursued a spot BTC ETF in Australia since 2021, becoming the first entity to apply for such a product with the ASX formally. Building on their success in the U.S. and benefiting from advanced Australian regulatory policies, VanEck refiled its BTC ETF bid in February.
The latest update from VanEck confirmed that they received a regulatory nod from the Australian Securities & Investments Commission (ASIC). Both ASIC and the ASX must approve products before they can be listed.
Listing on the ASX enables VanEck to tap into the bulk of Australia’s capital market. Around 90% of the equity portfolio in Australia reportedly resides on the ASX. “Like these investors, we consider the ETF vehicle is the optimal delivery mechanism for an asset class like bitcoin,” VanEck stated.
Despite this approval, ASIC has advised investors to remain aware of the risks associated with investing in funds that track cryptocurrency prices.