As per the recent Bitcoin ETF News Update, the first Bitcoin ETF in Australia, the Bitcoin Exchange-Traded Fund (ETF) by VanEck that got listed on the Australian exchange – The Australian Security Exchange (ASX) has now reached a new milestone by touching the $1.3M regarding its Bitcoin ETF Inflows.
The ETF, which goes by the symbol “VBTC,” began trading with Aus $982.85K ($655.56) in assets and imposed a 0.59% fee. This is the first Bitcoin ETF to be introduced on Australia’s primary market.
Investors can have direct exposure to Bitcoin through the VanEck ETF without having to buy the cryptocurrency itself.
To clarify On its debut day in January, BlackRock’s new spot bitcoin ETF, which goes by the symbol “IBIT,” had many tons of trading activity worth $1 billion.
“$1.3 million is a drop in the sea!“Previous bitcoin exposure has managed to attract larger inflows for a short time when they were listed last year but all is in the naming convention. This product is now an ETF which brings more transparency and clarity to the exposure of the underlying asset, not to mention it also has cheaper management fees,” said Laurent Kssis, an independent board member of Issuance Swiss AG.
ASIC All Set For The Launch?
The Australian Securities and Investments Commission (ASIC) undertook careful examination and clearance procedures before the launch, which underscores the regulatory body’s cautious approach to incorporating digital assets into the established financial system.
A further important step in reducing the gap between traditional finance and the emerging cryptocurrency industry is the launch of the spot bitcoin ETF in Australia.
The items being sold will hold Bitcoins directly, which sets them apart from spot bitcoin exchange-traded funds (ETFs). However, to imitate the price of Bitcoin, derivatives-based cryptocurrency exchange-traded funds (ETFs) that are currently listed in Australia use financial instruments such as futures contracts.
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