DigitalX Bitcoin ETF Set to List on Australian Securities Exchange this Week
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DigitalX, a blockchain-focused asset manager, obtained regulatory approval to launch its spot Bitcoin exchange-traded fund (ETF) recently. Known as the DigitalX Bitcoin ETF, the flagship fund will become the second ETF available for trading on the Australian Securities Exchange (ASX) after VanEck’s.
DigitalX Bitcoin ETF will Provide Customers With Direct Access to BTC
According to a recent press release, the DigitalX Spot Bitcoin ETF will be admitted to quotation and commence trading on July 12, 2024, at 10:00 AM AEST on ASX.
This ETF will be identified on the ASX under the ticker BTXX, offering investors a straightforward and regulated means to access the soaring digital asset sector without needing a digital wallet.
🎉🎉 DigitalX Limited is pleased to announce thats its DigitalX Bitcoin ETF (ASX: BTXX) will be admitted to quotation and commence trading on the ASX as of Friday, 12 July 2024 at 10:00AM AEST.@DigiXCEO, Lisa Wade said: "We are pleased to now be able to deliver and offer this… pic.twitter.com/iZqt09rFtV
— DigitalX Ltd (@DigitalXLtd) July 8, 2024
Commenting on the latest development, DigitalX CEO Lisa Wade expressed her confidence in BTXX.
She stated,
“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 DigitalX Bitcoin ETF is a spot ETF product that provides ASX customers with direct access to Bitcoin via a regulated and liquid fund structure.”
The company has also disclosed partnerships with K2 Assessment Management and 3iQ for this initiative.
K2 Assessment Management will serve as the Responsible Entity and Issuer for the DigitalX Bitcoin, drawing on their extensive experience managing ASX-listed ETFs and compliance frameworks under Australian financial services licenses.
Meanwhile, 3iQ will collaborate on promoting and distributing the ETF in Australia and to international markets, leveraging its global expertise in digital asset investments.
DigitalX Bitcoin ETF to Trigger More Market Applications
The Australian market has achieved another milestone with the approval of the DigitalX Bitcoin ETF. This approval follows the VanEck introduction (VBTC) on the ASX on June 20. These twin developments are expected to catalyze increased interest and application for spot Bitcoin ETFs in Australia, mirroring the enthusiasm seen in the US.
Bitcoin spot ETF lists on main Australian stock market for first time as VanEck Bitcoin ETF started trading on the ASX on Thursday
— unfolded. (@cryptounfolded) June 20, 2024
VanEck’s initial trading of VBTC registered a modest $1.3 million volume, far below the robust $450 million daily average in the U.S.
However, the Australian ETF market is poised for growth as it seeks to compete with and potentially replicate the achievements of American spot Bitcoin ETFs.
However, this may be a fat stretch as the U.S. spot Bitcoin ETF market has collectively garnered an impressive $15 billion in net inflows as of July 8 since its debut on January 11, 2024, and trading of SEC’s approved spot Ethereum ETFs to begin anytime soon as predicted.