First bitcoin ETF launches on Australia's main stock exchange, investing in U.S.-listed VanEck Bitcoin Trust.

From Investing.com: 2024-06-19 23:06:02

Australia’s main stock market saw the launch of the first bitcoin exchange-traded fund (ETF) on Thursday, with VanEck ETF debuting with around A$990,000 in assets on the Australian Securities Exchange. The fund will not directly own bitcoin, but will invest in the U.S.-listed VanEck Bitcoin Trust.

Investors have been showing interest in cryptocurrency ETFs, with billions of dollars poured into such products in the U.S. following regulatory approvals in January. Hong Kong also saw the launch of six funds in April, though interest has been less significant. VanEck Australia noted a surge in requests for similar products from brokers and financial advisers after the U.S. greenlight.

Bitcoin’s price has nearly tripled since 2023, although prices have stalled since a peak in March. The VanEck Bitcoin ETF is the first to launch on Australia’s main stock exchange, joining well-known corporations like BHP and Commonwealth Bank on the tickertape.

Read more at Investing.com: Bitcoin ETF launches on Australia’s main stock exchange for the first time By Reuters