Australia's largest stock exchange has made history by listing its first spot Bitcoin exchange-traded fund (ETF). This move comes as investors worldwide seek easier ways to invest in cryptocurrencies.

VanEck's Bitcoin ETF Hits the Market

The VanEck Bitcoin ETF (VBTC) began trading on the Australian Securities Exchange (ASX), which manages 90% of the country's equity market. The ETF closed its first day at A$20.06 ($13.4) after trading 99,791 shares, a 1% increase from its opening price. This ETF acts as a feeder fund, allowing investors to invest in Bitcoin by investing in VanEck's Bitcoin Trust (HODL), a US-listed ETF on the Cboe exchange.

A New Era for Bitcoin Investment in Australia

The launch of VBTC on the ASX marks an important milestone for Bitcoin investment in Australia. This comes six months after similar spot Bitcoin products launched in the US and seven weeks after their launch in Hong Kong. However, VBTC is not the first ETF to offer Australian investors exposure to Bitcoin. Monochrome Asset Management's Monochrome Bitcoin ETF (IBTC), which holds Bitcoin directly, launched on June 4 on the Cboe Australia exchange, a smaller rival to the ASX. Since its launch, IBTC has achieved an average daily transaction volume of 55,000 units and handles approximately AU$550,000 in cash transactions each day.

A Wave of Bitcoin ETFs in Australia

Together, these ETFs signal the arrival of a wave of Bitcoin ETFs in Australia, offering investors new ways to engage with the emerging cryptocurrency market. As the Australian Financial Review notes, this marks an exciting development for Bitcoin investment in the country, providing investors with more options to participate in the growing cryptocurrency market.