The Australian Securities Exchange (ASX) launched the VanEck Bitcoin exchange-traded fund (ETF) on Thursday, marking its debut as the platform’s first spot bitcoin ETF.
According to VanEck’s website, the VanEck Bitcoin ETF, trading under the VBTC ticker symbol, had total net assets of approximately 982,850 AUD ($655,560) as of Wednesday. VBTC functions as a feeder fund, enabling investors to gain exposure to bitcoin by investing in the U.S.-listed VanEck Bitcoin Trust (HODL).
“Trading units with exposure to Bitcoin via an ETF on an exchange like ASX means you’re able to buy and sell those units through a traditional brokerage account, simplifying the process and opening the opportunity to more Australians,” said Andrew Campion, general manager of investment products and strategy at ASX, in a statement.
ASX, a leading equity exchange in Australia, oversees about 80% of local trades. As of May, ASX reported a domestic market capitalization of $2.6 trillion.
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