DigitalX Becomes Second to Secure Regulatory Approval for Spot Bitcoin ETF in Australia
Blockchain-focused asset manager DigitalX has received regulatory approval to launch its spot Bitcoin exchange-traded fund (ETF).
The approval makes DigitalX the second company to offer a Bitcoin ETF on the Australian Securities Exchange (ASX), following VanEck’s recent approval.
The DigitalX Bitcoin ETF, listed under the ticker BTXX, is set to debut on July 12 at 10 am local time, according to an announcement made by the firm on July 8.
The regulatory approval for BTXX is being hailed as a “watershed moment” by DigitalX’s CEO, Lisa Wade.
“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.”
She emphasized that the ETF provides ASX customers with direct access to Bitcoin through a regulated and liquid fund structure.
https://x.com/DigitalXLtd/status/1810461336612344144
To bring the spot Bitcoin ETF to fruition, DigitalX Bitcoin has partnered with investment management firm K2 Asset Management, which will act as the responsible entity and issuer of the ETF.
Additionally, DigitalX will collaborate with cryptocurrency-focused investment firm 3iQ to promote and distribute the product both within Australia and internationally.
The regulatory approval comes just over three weeks after the ASX granted approval for VanEck’s spot Bitcoin ETF on June 15, with trading commencing on June 20.
While VanEck’s Bitcoin ETF (VBTC) saw a modest volume of $1.3 million on its first trading day, it pales in comparison to the daily average of $450 million seen by the nine spot Bitcoin ETFs in the United States during their initial ten trading days.
Another Australian fund manager, Betashares, is
Read more on cryptonews.com
