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DigitalX’s Spot Bitcoin ETF Approved for ASX Listing, Set to Launch July 12
Australia’s digital asset landscape is evolving rapidly with the approval of DigitalX’s spot Bitcoin exchange-traded fund (ETF) for listing on the Australian Securities Exchange (ASX). The DigitalX Bitcoin ETF, trading under the ticker BTXX, is set to commence trading on July 12, 2024, at 10 am AEST, marking a significant milestone in the country’s cryptocurrency market.
This development follows closely on the heels of VanEck’s spot Bitcoin ETF, which began trading on the ASX on June 20, making BTXX the second such product on Australia’s largest stock exchange. The approval represents a “watershed moment” for DigitalX and the broader Australian digital asset investment market, according to CEO Lisa Wade.
The DigitalX Bitcoin ETF aims to provide ASX customers with direct access to Bitcoin through a regulated and liquid fund structure. Unlike some other offerings, BTXX is not beholden to U.S. politics, potentially insulating Australian investors from developments in the American market.
DigitalX has partnered with K2 Asset Management, which will act as the responsible entity and issuer of the ETF. Additionally, the company is collaborating with 3iQ, a global digital asset investment firm, to promote and distribute the product both domestically and internationally.
The launch of BTXX comes at a time of growing interest in cryptocurrency ETFs worldwide. In the United States, spot Bitcoin ETFs introduced in January 2024 have already amassed nearly $50 billion in total net assets. This global trend is now reflected in the Australian market, with DigitalX leveraging its six-year experience as Australia’s first ASX-listed digital asset fund manager.
Toby Hicks, DigitalX’s chair, emphasized the significance of this approval, stating, “It is exciting to see the growth and development of the digital asset markets reflected in this approval for the DigitalX spot Bitcoin ETF to be quoted on the ASX.”
The introduction of BTXX is expected to provide Australian investors with a simple, secure, and cost-effective way to gain exposure to Bitcoin without the need to manage digital wallets. As the cryptocurrency market continues to mature, products like BTXX may play a crucial role in bridging the gap between traditional finance and the emerging digital asset sector.