In a further boost to the cryptocurrency sector, a Bitcoin (CRYPTO: BTC) spot exchange-traded fund has been listed on Australia’s primary stock market for the first time.
What Happened: The VanEck Bitcoin ETF, with a seed investment of nearly $657,000, made its debut on the Australian Securities Exchange, Bloomberg reported. The ETF is a feeder fund for the $647 million VanEck Bitcoin Trust (BATS:HODL) in the U.S.
Other Australian firms, such as Sydney-based BetaShares Holdings Pty and DigitalX Ltd., are also gearing up for listings on the main Australian board. However, VanEck is the only applicant that has received approval so far.
While cryptocurrency ETFs are already available on CBOE Australia, the country’s other exchange, the listing of a Bitcoin ETF on the main Australian stock market is a significant development.
Why It Matters: Approval for Bitcoin ETFs in and around Asia has gained momentum following U.S. approvals earlier this year. Later in April, Asian financial hub Hong Kong officially approved the first batch of spot Bitcoin and Ether ETFs.
The 11 U.S.-based ETFs have attracted inflows of $14.81 billion as of this writing, according to SoSo Value, serving as the primary trigger for the currency’s price rise this year.
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,176.87, with a marginal rise of 0.25% in the last 24 hours, according to data from Benzinga Pro.
Read Next: This ‘Major Fundamental Flaw’ Threatens To ‘Kill Crypto,’ Analyst Says
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
