Australia’s ASX approves the DigitalX spot Bitcoin ETF, opening the door for institutional investment, as BTXX commences trading on Friday.
A statement by the ASX-listed digital asset fund manager reveals that DigitalX’s Bitcoin ETF will trade under the BTXX ticker. The ASX approved the Bitcoin ETF issuance in a partnership where KR Asset Management (KAM) assumes the responsibility entity’s role. DigitalX will leverage KAM’s experience managing ASX-listed ETFs, financial services licenses, and compliance systems.
DigitalX is tapping 3iQ, a Canadian digital assets investment firm behind the initial crypto ETFs in Toronto. 3iQ will undertake the distribution role for the ETF in the international market.
A press release by DigitalX chief executive Lisa Wade affirms that the Bitcoin ETF approval is a watershed moment for the Australian crypto investment space.
Wade hails DigitalX’s Bitcoin ETF as facilitating Australians’ investment in BTC in a secure yet affordable manner without directly managing digital wallets. The executive adds that the DigitalX Bitcoin ETF offers ASX clients direct access to BTC through a liquid and regulated fund structure.
Australia’s Bitcoin ETF Wave
DigitalX assures that it will lend its expertise in managing digital assets to Australians seeking cost-effective and secure access to Bitcoin. DigitalX chair Toby Hicks echoed the sentiment in celebrating a decade of ASX listing and DigitalX input in developing digital asset investments for Australians.
DigitalX’s BTXX launch comes weeks after the ASX approved VanEck’s spot Bitcoin ETF (VBTC). VanEck is among the ten US-approved Bitcoin ETF issuers, and Farside Investors data shows that the cumulative net inflow has surpassed $15 billion since January’s inception.
DigitalX follows the footsteps of Monochrome Bitcoin ETF (IBTC), listed earlier in June on the Cboe Australia exchange – ASX’s smaller rival. Unlike the years of constant denials and delays in the US, Australia welcomes the third Bitcoin ETF in a month.