VanEck’s Bitcoin ETF is now operational on the main exchange in Australia with trading exceeding $1.5 million

VanEck’s spot Bitcoin exchange-traded fund (ETF) is now operational on the Australian Securities Exchange (ASX), the foremost exchange in Australia. After a few hours of trading, the fund’s trading volume exceeded $1.5 million.

On Monday, the ASX authorized the product listing under the ticker VBTC, which resulted in the trading debut. Additionally, the ASX lists VBTC as the No. 1 Bitcoin ETF.

According to Bloomberg, the ASX is a significant participant in the capital markets of Australia, accounting for approximately 80% of equity trading. Approximately A$985,000 was the initial foundation investment for the VanEck Bitcoin ETF, which functions as a feeder fund for the US-based VanEck Bitcoin Trust.

“[VBTC] will announce the Bitcoin price. “We’ll provide investors with institutional-grade exposure to Bitcoin,” said Jamie Hannah, VanEck’s Deputy Head of Investments and Capital Markets.

“In addition to insurance, there are numerous security measures in effect…”He also mentioned that VBTC is extraordinarily affordable and that clients can obtain it through any retail broker.

In addition to VanEck, BetaShares Holdings Pty and DigitalX Ltd., both of which are based in Sydney, are also intending to list their ETFs on the ASX.

Crypto ETFs are already available on CBOE Australia, another significant Australian exchange. The combined assets of Global X 21Shares Bitcoin, Global X 21Shares Ethereum, and Monochrome Bitcoin are approximately $90 million.

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