Australia’s Financial Regulador Approves First Spot Bitcoin ETF

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Australia’s major stock exchange, the Australian Securities Exchange (ASX), has approved its first spot-Bitcoin (BTC) exchange-traded fund (ETF), which accounts for 90% of the country’s equity market.

The ETF will primarily act as a “feeder fund” with a passive management strategy, providing investors with exposure to Bitcoin through investments in the VanEck Bitcoin Trust (“HODL”), a US ETF listed on the Cboe BZX Exchange, Inc (Cboe).

Monochrome Asset Management’s Monochrome Bitcoin (BTC) ETF (IBTC) was also recently approved by the smaller ASX rival, Cboe Australia exchange.

According to Blockchain Australia Chair and Digital Assets Lawyer Michael Bacina, this development is a significant step forward for the cryptocurrency space.

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