Bitcoin Spot ETF Daily Inflows Hit Rp6.8 Trillion

Earlier, Australia's largest stock exchange, the Australian Securities Exchange (ASX), approved its first spot Bitcoin ETF, which will start trading on June 20. The ETF, called the VanEck Bitcoin ETF (VBTC), issued by investment firm VanEck, will be the first to trade.

The approval comes on the heels of VanEck’s recent success in the United States, where the firm launched the VanEck Bitcoin Trust (HODL), a spot Bitcoin ETF, on January 11.

VanEck CEO for Asia-Pacific, Arian Neiron, stressed the importance of growing demand for Bitcoin exposure in Australia, particularly through regulated and transparent investment vehicles.

“We recognize that Bitcoin is a new asset class that many advisors and investors want to access,” Neiron was quoted as saying by Yahoo Finance, Tuesday (6/18/2024).

Neiron added that VBTC also makes Bitcoin more accessible by managing all the back-end complexities. Understanding the technical aspects of acquiring, storing, and securing digital assets is no longer necessary.

The approval of VBTC marks a significant milestone as it is the first spot Bitcoin ETF to be approved by the ASX. However, this is not the first Bitcoin ETF to be launched in Australia. Over the past two years, two other Bitcoin ETFs have been launched in the country.

The first Bitcoin ETF to debut in Australia was the Global X 21 Shares Bitcoin ETF (EBTC), which launched in April 2022.

Recently, Monochrome Bitcoin ETF (IBTC) was approved and began trading on June 4 on Australia’s second-largest stock exchange, the Cboe Australia exchange. The previous launch demonstrated the growing acceptance and interest in Bitcoin investment products in the Australian market.