The first Bitcoin (BTC) exchange-traded fund (ETF) approved for Australia’s main exchange, the Australian Securities Exchange, closed its first day of trading on $1.3 million in trading volume.
This is significantly lower than the first day of trading for US Bitcoin ETFs, which saw a total first day trading volume of $4.5 billion across ten funds, averaging about $450 million each.
Investment firm VanEck, issuer of the VanEck Bitcoin ETF (VBTC), previously told Cointelegraph that it is optimistic that the product will experience similar growth to US Bitcoin ETFs, despite the difference in market size .
“Although the Australian market is much smaller than the US market and most of our flows are retail rather than institutional, it is possible that we will follow a similar path,” said Jamie Hanna, vice president of investments and capital markets at VanEck. Cointelegraph.
“A large number of individual and professional investors have expressed strong interest in exposure to Bitcoin through the ASX,” Hannah added.
When the market opened, VBTC was trading at $13.24 and closed the market day at $13.34, with 96,476 shares changing hands throughout the day, according to ASX data .
On June 15, Cointelegraph reported that Ariane Neron, VanEck’s Asia-Pacific CEO, reiterated that demand was growing in Australia, particularly for a “regulated, transparent and familiar investment vehicle.”
“We recognize that Bitcoin is an emerging asset class that many advisors and investors want to access,” Neron said.
“VBTC also makes Bitcoin more accessible by handling all the back-end complexities. He added that it is no longer necessary to understand the technical aspects of obtaining, storing and securing digital assets.
about: Bitcoin ETFs represent 26% of BlackRock’s 2024 flows, 56% of Fidelity’s flows.
Although this is the first Bitcoin ETF to be listed on the ASX, two other Bitcoin ETF products have already launched in Australia.
The Unibody Bitcoin ETF (IBTC) was recently approved and began trading on Australia’s second largest exchange, Cboe Australia.
In April 2022, the 21Shares Global X Bitcoin ETF (EBTC) became the first Bitcoin ETF product to debut in Australia.
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