Investment managers jostle to deliver first ASX-listed bitcoin ETF

Posted by Anton Murray Consulting on 11 Mar, 2024


Competition is brewing among firms seeking to be the first to the post with a bitcoin ETF offering on the Australian Securities Exchange (ASX), hot on the heels of the Securities and Exchange Commission’s (SEC) approval for the product in the US. Presently, bitcoin ETFs are available on Cboe through the Global X 21Shares Bitcoin ETF and Global X 21Shares Ethereum ETF, which remain the only spot cryptocurrency ETFs in Australia. However, the ASX has proven to be a harder listing to achieve, according to VanEck, which were among the firms in the US, alongside others like Fidelity and Grayscale, authorised to issue securities tethered to the movements of the cryptocurrency.

In Australia, VanEck said they have been engaged with bringing a spot bitcoin ETF to ASX since early 2021. “We were the first fund manager to work with the regulator and exchange on the mechanics, and the first to formally lodge a submission for a bitcoin ETF to ASX,” Arian Neiron, chief executive and managing director, VanEck Asia-Pacific, said. He confirmed the firm had resubmitted a bitcoin ETF application to the ASX last month, with plans to be the first to bring the offering to market.

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