New Bitcoin Exchange-Traded Fund (ETF) approved by ASX
The Australian Securities Exchange (ASX) has approved its second Bitcoin exchange-traded fund (ETF), allowing digital asset manager DigitalX to launch a spot Bitcoin ETF under the ticker BTXX, which will begin trading on July 12.
This follows the approval of the VanEck Bitcoin ETF by the ASX in June and the launch of the 21Shares Bitcoin ETF in April 2022 on the Cboe Australia Exchange (Cboe stands for Chicago Board Options Exchange, a major exchange for trading options and futures contracts). The Monochrome Bitcoin ETF also began trading on the Cboe in June.
Increasing interest in Bitcoin exposure through ETFs
These developments highlight the increasing interest among investors in obtaining Bitcoin exposure (the influence or risk an investor suffers from owning Bitcoin) through regulated fund structures rather than investing directly. ETFs (exchange-traded funds, which trade on exchanges like stocks) simplify Bitcoin investing by eliminating the need for direct custody (the storage and management of assets).
Australia on a positive course in the Bitcoin sector
Australia is showing a positive shift towards Bitcoin as regulatory approvals increase in the financial market.
