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Australia’s ASX Approves its Second Spot Bitcoin ETF

 
Florence Muchai
Written By 
Florence Muchai
 
Harsh Chauhan
Edited by 
Harsh Chauhan
July 9, 2024
Australia's ASX approves its second spot Bitcoin ETF

Australia’s leading stock exchange, the Australian Securities Exchange (ASX), has approved listing its second Spot Bitcoin ETF. According to reports, the BTC ETF will begin trading on July 12 under the ticker BTXX.

Spot BTC ETFs thrive amid negative market sentiments

Today, DigitalX, a blockchain-focused asset manager, received a regulatory greenlight to launch its spot Bitcoin exchange-traded fund (ETF). The approval comes just weeks after the ASX approved its first Bitcoin ETF in June. ASX approved VanEck’s spot Bitcoin ETF on June 15 and started trading on June 20.

In an X post, DigitalX Limited announced the listing, adding, “DigitalX Bitcoin ETF (ASX: BTXX) will be admitted to quotation and commence trading on the ASX as of Friday, July 12, 2024, at 10:00 AM AEST.” DigitalX CEO Lisa Wade said: 

“We are pleased to now be able to deliver and offer this spot Bitcoin ETF to the Australian market. This is a watershed moment for us as a business and for the Australian digital asset investment market.”

The approval listing comes amid market selloffs from the German government and BTC repayments from Mt. Gox. According to CoinGecko, Bitcoin (BTC) is worth $57,490.45. The price has surged towards recovery but is 8.1% lower than a week ago.

BTC’s price has surged since Satoshi Nakamoto launched it. What was once trading under a dollar traded above $73,000 in 2024. ETFs offer traders a more straightforward way to invest in digital assets without directly owning Bitcoin. 

America’s SEC spearheaded the Spot BTC ETFs wave approval. Now, many other countries are trying their luck with the investment vehicles. Australia has been on BTC ETFs study, approval, and trade for over a year.

The 21Shares Bitcoin ETF (EBTC), Australia’s first BTC ETF, was launched in April 2022 and is available for trade on the Cboe Australia exchange.

Also Read: OTC Markets Gain Favor Amid Government Bitcoin Transactions

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Florence Muchai
Written by Florence Muchai

Florence Muchai is a crypto journalist at CryptoNewsZ with four years of experience covering Crypto, Blockchain, Web3, NFT, and AI. She has written for MSN and CryptoPolitan, bringing a wealth of knowledge to the industry. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy and a Master's Degree in Clinical Psychology. She is a digital nomad and explores the intersections of decentralized and traditional finance, offering insightful analysis on wealth creation, financial literacy, and the evolving digital economy. She is passionate about empowering readers with knowledge and delves into emerging trends, regulatory developments, and the impact of blockchain on global finance.