VanEck said that it has been working to introduce a Bitcoin ETF to the ASX since early 2021, writing in a blog post that it was the first to formally file to offer a Bitcoin ETF, resubmitting its application in February this year.
“Despite hurdles to clear in Australia, including regulatory and exchange framework challenges,” the firm wrote, “VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors.”
VanEck is inviting potential investors to register their interest in the product on their website.
The launch of the VanEck and Monochrome Bitcoin ETFs in Australia follows the explosive popularity of similar investment products in the United States. Regulated Bitcoin ETFs, approved by the U.S. Securities and Exchange Commission (SEC) in January, have contributed to broader acceptance of the cryptocurrency by both institutional and retail investors.
Often referred to as “digital gold,” Bitcoin is seen as a potential store of value and hedge against inflation. Bitcoin spot ETFs were largely credited for the strong resurgence in Bitcoin’s price in the early part of 2024.
