Australia Approves Another Spot Bitcoin ETF

On July 9, the Australian Securities Exchange (ASX) gave DigitalX permission to launch its spot Bitcoin ETF, which will begin trading on July 12 under the ticker symbol BTXX.

This approval comes shortly after the ASX listed the VanEck BTC ETF in June.

Additionally, the country’s first Bitcoin ETF, the 21Shares BTC ETF (EBTC), launches on Australia’s Cboe exchange in April 2022.

DigitalX has now become the ASX’s second approved Bitcoin ETF following the launch of VanEck’s product last month.

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The rise in the number of new Bitcoin investment products in the Australian market highlights the growing interest in the leading cryptocurrency. Investors are increasingly choosing to gain exposure to Bitcoin through regulated fund structures rather than direct ownership.

ETFs offer a convenient method of investing in the cryptocurrency without the need for direct custody of the asset. Many expect that more countries will approve Bitcoin ETFs as these instruments gain popularity.

With the approval of yet another BTC ETF, Australia’s main securities exchange has demonstrated a positive shift in its attitude towards crypto assets within one of the world’s leading financial markets.

Alexander Stefanov