News

Van Eck launches ASX’s first bitcoin spot ETF

Van Eck launches ASX’s first bitcoin spot ETFThe Australian Securities Exchange (ASX) has approved the country’s first crypto spot ETF joining the US and Hong Kong in giving the green light. The fund has been launched by US asset manager Van Eck and is set to launch on June 20. The Van Eck Bitcoin ETF is described by the firm as a “feeder fund” that will employ a passive management strategy. Investors gain exposure to the cryptocurrency via the VanEck Bitcoin Trust, which is listed on the Cboe BZX Exchange in the US. The crypto ETF market was boosted by the decision of the US Securities and Exchanges Commission at the beginning of the year to approve the first batch of spot bitcoin ETFs, albeit under the pressure of a US court order. The ASX is looking to broaden its crypto offerings and keep pace with Cboe Australia, its smaller rival, which hosts the only other two spot bitcoin ETFs available in Australia currently. Under Australian rules, any crypto spot ETF must be approved by both the regulator, the Australian Securities & Investments Commission (Asic), and the exchange listing the ETF. The regulator announced in May that it had issued licences to at least three firms looking to launch crypto spot ETFs. © 2024 funds global asia

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