YEREVAN (CoinChapter.com) — The Australian Securities Exchange (ASX) launched its first Bitcoin exchange-traded fund (ETF) with a trading volume of $1.3 million (1.9 million Australian dollars) on its first day. The VanEck Bitcoin ETF (VBTC) traded 96,476 shares, showing strong interest from both retail and professional investors.
VanEck’s deputy head of investments and capital markets, Jamie Hannah, commented,
“Notwithstanding the Australian market being a lot smaller than the U.S. and most of our flow being retail rather than institutional, there is a possibility that we may follow a similar path.”
In comparison, the debut of ASX’s Bitcoin ETF differed from those in the United States. US spot Bitcoin ETFs saw a combined trading volume of $4.5 billion on their first day, averaging around $450 million each across ten funds. This shows the difference in market size and investor behavior between the two regions.
The VanEck Bitcoin ETF began trading at $13.24 and closed the day at $13.34. The demand for Bitcoin exposure in Australia is evident, driven by the need for regulated and transparent investment options.
The VanEck Bitcoin ETF ended the day at $20.01 Australian dollars. Arian Neiron, CEO for VanEck in the Asia-Pacific region, noted the increasing demand for Bitcoin in Australia.
“We recognize Bitcoin is an emerging asset class that many advisers and investors want to access,”
he said. Neiron highlighted that VBTC simplifies the process of acquiring, storing, and securing digital assets, making Bitcoin more accessible.
Although VBTC is the first spot Bitcoin ETF on the ASX, it is not the only Bitcoin ETF in Australia. The Monochrome Bitcoin ETF recently started trading on Cboe Australia, the country’s second-largest stock exchange. Additionally, the Global X 21Shares Bitcoin ETF was the first Bitcoin ETF to debut in Australia in April 2022.
Jamie Hannah said,
“We have had a significant amount of retail and professional investors express strong interest in getting Bitcoin exposure through ASX.”
This interest aligns with the increasing adoption of digital assets in regulated markets.
Polkadot, a blockchain platform, faces a precarious future. Recent financial reports and expert analyses suggest…
Band Protocol price could explode 276% as a bullish falling wedge pattern forms, sparking excitement…
Binance Executive Trial Resumes July 5 Key Takeaways Health Concerns: Tigran Gambaryan's health has worsened…
Nigerian Trader's Integrity Sparks Wave of Trust YEREVAN (CoinChapter.com) — Femi Akinola, a Nigerian cryptocurrency…
FTX Prepares $16 Billion Payout to Customers YEREVAN (CoinChapter.com) — FTX is set to distribute…
ZKsync Elastic Chain Unveiled Key Takeaways: ZKsync Elastic Chain Enhances Interoperability: The Elastic Chain, part…