VanEck Bitcoin ETF Lists on Main Stock Exchange Operated by ASX Ltd.

This marks the first time a Bitcoin exchange-traded fund (ETF) has been listed on Australia's main stock market, reflecting the growing acceptance

The VanEck Bitcoin exchange-traded fund (NYSEARCA:EBTC) began trading on the main stock exchange operated by ASX Ltd. on Thursday, marking the first time a Bitcoin ETF has been listed on Australia's main stock market.

The ETF commenced trading on the bourse with an initial seed investment of about A$985,000, which translates to $657,000 in U.S. dollars at current exchange rates.

This launch is a significant development for both Australia and the global cryptocurrency market. It provides Australian investors with direct access to Bitcoin through a regulated financial product for the first time.

The VanEck Bitcoin ETF listed on the ASX is a feeder fund for the $647 million VanEck Bitcoin Trust (NYSEARCA:XBT) in the United States.

This structure allows the Australian ETF to invest in the larger, U.S.-based trust, which in turn provides investors with exposure to the same underlying Bitcoin assets that are being managed by VanEck.

The ETF on the ASX will track the performance of the Bitcoin held in the U.S. trust on a total return basis, less applicable fees and expenses.

The net asset value of the underlying Bitcoin will be calculated once per business day at the close of trading hours in the U.S., and the price of the ETF units on the ASX will be determined continuously throughout each trading day.

Several other cryptocurrency-related listings are also expected to take place on the main board of the ASX this year.

As previously reported by Bloomberg, Sydney-based BetaShares Holdings Pty is said to be preparing to list its BetaShares Crypto Innovators ETF on the ASX main board in the second half of 2023.

This ETF will reportedly provide investors with exposure to the performance of companies that are actively engaged in the cryptocurrency and digital asset space.

Another local player, DigitalX Ltd. (ASX:DCC), is also reportedly lining up for listings on the main Australian bourse.

This follows the company's successful launch of the DigitalX Bitcoin ETF (ASX:DCB) and DigitalX Metaverse ETF (ASX:VR) on thecartão de crédito bourse earlier in 2023.

In the U.S., Bitcoin ETFs debuted on the New York Stock Exchange in January and have now amassed $56 billion in assets, according to Bloomberg data.

Meanwhile, in April, Hong Kong began allowing spot ETFs for Bitcoin and Ether, which have attracted a fraction of the interest shown in the U.S. vehicles.

Bitcoin was trading up 0.65% in the last 24 hours at the time of writing to $65,610.

News source：https://www.kdj.com/cryptocurrencies-news/articles/vaneck-bitcoin-etf-lists-main-stock-exchange-operated-asx.html

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