Thursday saw the introduction of a bitcoin exchange-traded fund (ETF) on Australia's primary stock market, as fund managers introduced new offerings to appease investors who were returning to the cryptocurrency space after a surge in prices.
After more than three years of talks with ASX, the Australian Securities Exchange saw the introduction of the VanEck Bitcoin ETF, which has around A$990,000 ($660,429) in assets.
The fund will invest in the January-launched, U.S.-listed VanEck Bitcoin Trust rather than directly acquire bitcoin. Twelve comparable cryptocurrency funds are also managed by VanEck's European affiliate.
Since authorities approved a number of bitcoin ETFs in January, investors have flooded the market with billions of dollars. Six funds were launched in Hong Kong in April after that, although interest has been low there.
VanEck Australia reported in March that more brokers and financial advisors were requesting similar products after U.S. authorities gave their approval.
After 2023, the price of bitcoin has about quadrupled; but, after reaching a peak in March, values have stagnated.
Many bitcoin ETFs are already available on a rival exchange in Australia that is managed by CBOE Global Markets' local branch.
On the other hand, the VanEck Bitcoin ETF is the first fund to debut on the primary market, sharing the ticker strip with some of the nation's most recognisable companies, including Commonwealth Bank and BHP.
(Sourec:www.investing.com)
After more than three years of talks with ASX, the Australian Securities Exchange saw the introduction of the VanEck Bitcoin ETF, which has around A$990,000 ($660,429) in assets.
The fund will invest in the January-launched, U.S.-listed VanEck Bitcoin Trust rather than directly acquire bitcoin. Twelve comparable cryptocurrency funds are also managed by VanEck's European affiliate.
Since authorities approved a number of bitcoin ETFs in January, investors have flooded the market with billions of dollars. Six funds were launched in Hong Kong in April after that, although interest has been low there.
VanEck Australia reported in March that more brokers and financial advisors were requesting similar products after U.S. authorities gave their approval.
After 2023, the price of bitcoin has about quadrupled; but, after reaching a peak in March, values have stagnated.
Many bitcoin ETFs are already available on a rival exchange in Australia that is managed by CBOE Global Markets' local branch.
On the other hand, the VanEck Bitcoin ETF is the first fund to debut on the primary market, sharing the ticker strip with some of the nation's most recognisable companies, including Commonwealth Bank and BHP.
(Sourec:www.investing.com)
Homepage
Send to a friend
Printable version
Share
