After the strong debut in the US, spot Bitcoin ETFs are seeing demand in the overseas market as the VanEck Bitcoin ETF debuts on the Australian stock exchange for trading starting today, June 20. This will be the first Bitcoin ETF listing on Australia’s main stock exchange.
The VanEck Bitcoin ETF will start trading on the exchange operated by ASX Ltd. with an initial funding of A$985,000 ($657,000). This ETF serves as the feeder fund for the $647 million VanEck Bitcoin Trust functioning in the United States.
Australia Planning to Introduce More Bitcoin ETF Offerings Very Soon
As per the latest report, Sydney-based DigitalX Ltd. and BetaShares Holdings Pty. are working to list their ETF offerings on Australia’s topmost stock exchange. However, a person from the ASX confirmed that VanEck is the only applicant getting the approval so far while the ASX exchange continues to engage with issuers in the meantime.
Note that some crypto ETFs are already running on CBOE Australia, the country’s other bourse. The three funds — Global X 21Shares Bitcoin, Global X 21Shares Ethereum, and Monochrome Bitcoin — collectively manage assets totaling approximately $90 million.
After going live earlier this year in January, the US BTC ETFs took the crypto market by storm with massive inflows. However, amid the current Fed uncertainty these Bitcoin ETFs have registered outflows over the past few trading sessions.
Along with the US, the top crypto-friendly jurisdictions in the Asia Pacific region have also shown keen interest in offering Bitcoin ETFs. In a note, Bloomberg Intelligence Senior ETF Analyst Rebecca Sin wrote: “The Asia-Pacific region’s potential for virtual-asset ETFs may hit more than $3 billion in the next few years”. There’s likely to be an even split within the top three regions – Hong Kong, Australia, and South Korea.
Top Banks to Approve BTC ETFs
As per the latest Bernstein report, top banking institutions and major warehouses are on the “cusp of approval” for some of the top Bitcoin ETFs. As the spot Bitcoin ETFs lose steam, the bears predict that they are “done” for now.
Critics argue that the initial ETF allocations are largely driven by retail investors, with institutional participation limited to the basis “cash and carry” trade rather than net long positions. This implies that ETF flows are not “real,” according to a note from Gautam Chhugani and Mahika Sapra to clients on Tuesday.
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