Bitcoin ETF: A new era in the Australian stock market

The first to be approved on Australia’s main exchange, with a trading volume of $1.3 million. BitcoinThe ETF (exchange-traded fund) has completed its first trading day.

This is quite low compared to spot Bitcoin ETFs in the United States averaging over $450 million on the first trading day and $4.5 billion in total trading volume across the ten funds.

Despite the difference in market size, the VanEck Bitcoin ETF ( VBTCInvestment firm VanEck, which is the issuer of ) told Cointelegraph that it is hopeful the work will see similar expansion with spot Bitcoin ETFs in the United States.

Retail interest and Bitcoin ETF

Jamie Hannah, Vice President of Investment and Capital Markets at VanEck, “While most of our flows come from retail investors, not institutional, and the Australian market is much smaller than the US, we may have the opportunity to follow a similar path.”said.

Hannah, “We have seen significant interest from retail and professional investors looking to gain exposure to Bitcoin through the ASX.”said.

According to ASX data, VBTC started trading at $13.24 at the market opening and finished the day at $13.34, with 96,476 shares traded in the afternoon.

Comparison of US and Australian Bitcoin ETFs

VanEck’s Asia-Pacific CEO, Arian Neiron, confirmed on June 15 that demand was increasing in Australia, stating that they were providing this particularly through a “regulated, transparent and familiar investment vehicle”.

Neiron, “We understand that many advisors and investors want to access Bitcoin as a growing asset class.”said.

VBTC makes Bitcoin more accessible by controlling all the backend complexities. Neiron, “It is no longer necessary to know the technical details of acquiring, storing and guaranteeing digital assets.”said.

Although this is the first on the ASX, two other Bitcoin ETF products have previously been launched in Australia.

The Global X 21Shares Bitcoin ETF (EBTC) became the first Bitcoin ETF product to launch in Australia in April 2022.

This news was first published on the Coin Engineer website.