Australian financial regulator has approved the launch of the second spot Bitcoin ETF, which will be traded on the Australian Securities Exchange (ASX) under the ticker symbol BTXX. The new product was developed in partnership between asset manager DigitalX, investment firm 3iQ, and financial institution K2.
According to representatives of the issuing companies, the ETF will be managed by K2. DigitalX and 3iQ will take on the tasks of promoting and distributing the product both within Australia and internationally.
Lisa Wade, CEO of DigitalX, remarked: «Our new product will provide Australian investors with the opportunity to invest in Bitcoin without the need to manage digital wallets, making investments economically efficient and secure.»
First Spot Bitcoin ETF in Australia
It is worth noting that on June 20, 2024, the first spot Bitcoin ETF from VanEck was launched on ASX. This ETF does not directly hold Bitcoin but invests in the American VanEck Bitcoin Trust.
Global Growth of Bitcoin ETFs
Australia has become the third country to offer investors the opportunity to invest in Bitcoin without the need for direct ownership. Previously, in January 2024, 11 spot Bitcoin ETFs were launched in the US, and on April 6, a similar product appeared in Hong Kong. Despite this, interest in such exchange-traded products based on the leading cryptocurrency remains low in Hong Kong.
