First spot Bitcoin ETF launched in Australia

On Thursday, June 20, 2024, the first Bitcoin ETF will be launched in Australia. This reports Bloomberg. So far, only one VanEck product has been approved. However, discussions are currently underway with other providers.

"Although crypto investing is controversial, we recognize that Bitcoin is a new asset class that many advisors and investors want access to," said Arian Neiron, chief executive officer of VanEck's Asia-Pacific region.

Bitcoin spot ETFs in the U.S. are worth $57 billion, according to Bloomberg. Eleven providers began trading in the U.S. on Jan. 10, 2024. Clear winner so far: BlackRock. The financial giant owns more Bitcoin than all its rivals. Currently, it has about 305,000 Bitcoin, which is equivalent to US$20 billion. VanEck has about 10,000 Bitcoin worth US$600 million.

Bitcoin spot ETFs are also permitted in Hong Kong. However, according to The Block, they rarely exceed a daily volume of more than US$10 million. Bitcoin's price currently stands at US$65,000. Bitcoin broke its old all-time high of about US$73,000 as early as March 13, 2024. Since then, the price has been stable.