Australia’s DigitalX Plans Spot Bitcoin ETFs to Launch on ASX

Australia’s DigitalX Plans Spot Bitcoin ETFs to Launch on ASX

According to a Bloomberg story published on Monday, DigitalX Limited, an Australian digital asset fund manager, plans to introduce its spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) on July 12. Approximately 80% of equities trading in Australia is managed by ASX, which is the biggest exchange in the nation.

DigitalX’s new ETF, which was created in association with K2 Asset Management and 3iQ, will trade under the ticker BTXX. The company will become the second asset manager to be approved to debut a spot Bitcoin ETF on the ASX with the impending listing.

The new ETF, according to DigitalX CEO Lisa Wade, would make it easier for institutional investors to obtain digital asset fund products.

The ASX recently approved VanEck’s Spot Bitcoin ETF. VanEck’s Bitcoin ETF (VBTC) began operations on June 20th and raised AUD 1.5 million (approximately $1.3 million) on its debut day.

In addition to VanEck and DigitalX, another major Australian fund manager, BetaShares, is also working on listing its Bitcoin and Ethereum ETFs on the ASX.

The ASX-listed Bitcoin ETF was not Australia’s first Bitcoin fund. Previously, well-known Australian exchange CBOE Australia had already listed several crypto ETFs, including Global X 21Shares Bitcoin, Global X 21Shares Ethereum and Monochrome Bitcoin.

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