Less than a month after the Australian crypto market got a spot Bitcoin ETF, a second one is going to start trading soon as it received approvals from authorities recently.
A month back, a spot Bitcoin ETF went live in the Australian crypto market. The asset manager backing it, VanEck, was the first to bring a spot crypto ETF to Australia. But even before that, other asset managers had launched regular crypto ETFs in Australia. Now, a blockchain firm is set to foray into the Australian crypto market with a spot Bitcoin ETF.
The firm, DigitalX, announced the development in an official post. It said that the DigitalX ETF will start trading on the Australian Securities Exchange on July 12. Lisa Wade, the CEO of the company, said investors will be able to get exposure to BTC through the fund through a liquid and regulated fund structure.
She stated, “We are pleased to now be able to deliver and offer this spot Bitcoin ETF to the Australian market. This is a watershed moment for us as a business and for the Australian digital asset investment market.” Meanwhile, K2 Asset Management is going to act as the issuer of the ETF. Moreover, DigitalX will work with 3iQ to distribute the product across the country.
Spot ETFs eliminate the need for individuals to navigate complex investment platforms or manage private wallets. With ETFs, investors can buy and sell Bitcoin through their existing brokerage accounts using a familiar and regulated platform. Thus, the spot crypto ETFs have become gateways to crypto adoption in recent months.
Besides, the approvals of the spot crypto ETFs in the US were a turning point for the entire sector in 2024. The US SEC’s stamp of approval on these ETFs validates Bitcoin as a trusted asset class. This instills confidence in traditional investors who may have been previously hesitant due to regulatory uncertainty.
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