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Australia’s ASX to List Second Spot Bitcoin ETF

Jul 9, 2024 at 05:00

DigitalX, a blockchain-focused asset manager, has secured regulatory approval to launch a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX). This new ETF, trading under the ticker BTXX, will be available starting July 12 at 10 am local time, as announced by DigitalX in a July 8 post on X.

Significant Milestone

Source: DigitalX

DigitalX CEO Lisa Wade hailed the approval of BTXX as a “watershed moment.” She emphasized that the DigitalX Bitcoin ETF offers ASX customers direct access to Bitcoin through a regulated and liquid fund structure. DigitalX’s chair, Toby Hicks, echoed her sentiment, noting the growth and maturation of digital asset markets in Australia reflected in this approval.

Strategic Partnerships

To launch the BTXX, DigitalX has partnered with K2 Asset Management, which will serve as the responsible entity and issuer of the ETF. Additionally, DigitalX will collaborate with 3iQ, a cryptocurrency-focused investment firm, to promote and distribute the product both domestically and internationally.

Previous Launches and Future Prospects

The launch of DigitalX’s BTXX comes just over three weeks after VanEck’s spot Bitcoin ETF (VBTC) was approved by the ASX on June 15 and began trading on June 20. The VanEck ETF recorded $1.3 million in volume on its first trading day, which is significantly lower than the $450 million daily average seen by the nine US-based spot Bitcoin ETFs during their first 10 trading days.

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Meanwhile, Australian fund manager Betashares is also seeking approval for a Bitcoin ETF on the ASX, as reported by Bloomberg in April.

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