American investment management firm VanEck is set to launch the first spot Bitcoin exchange-traded fund on Australia’s securities trading platform this week.from the asset management company, the spot Bitcoin ETF will go live on the Australian Securities Exchange on Thursday, June 20.in the United States. The firm’s product, VanEck Bitcoin Trust , held over $529 million in assets under management at the time of writing, with a market cap of $660 million.
The approval of the VanEck Bitcoin ETF in Australia comes five months after the U.S. Securities and Exchange Commission greenlit the launch of HODL on exchanges alongside other ETFs issued by top asset managers like BlackRock, Ark Invest, Grayscale, Fidelity, and Bitwise. VanEck said it has been in talks with Australian regulators about launching a spot Bitcoin ETF in the country since early 2021. The firm claims to be the first entity to submit an application with the ASX to launch the ETF and work with the Australian Securities and Investments Commission on the product’s mechanics.from the ASIC, VanEck resubmitted its application for the VBTC launch in February. Upon launch, the asset manager claims VBTC will be the lowest-cost Bitcoin ETF in Australia.
“Bitcoin’s evolution continues to transform, with regulated access through an ETF now a reality in the U.S., marking a significant step in its global acceptance. Despite hurdles to clear in Australia, including regulatory and exchange framework challenges, along with ASIC approval, VanEck intends to lead the way in bringing the first Bitcoin ETF to ASX investors,” the investment manager stated.It is worth mentioning that the VanEck Bitcoin ETF is not the first of its kind in Australia.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CoinDesk - 🏆 291. / 63 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »
BTC Price Dropping — Who's Actually Selling Bitcoin?Bitcoin ETF flows might not always affect Bitcoin price
Source: Utoday_en - 🏆 295. / 63 Read more »