Australia’s DigitalX To List Spot Bitcoin ETFs On ASX
By:W, LeahMajor Takeaways:
- On July 9, Australia’s DigitalX (DCC.AX)announced that it has obtained approval to list its Spot Bitcoin exchange-traded fund on the Australian Securities Exchange. This will make DigitalX the second asset manager after VanEck to secure approval for the ASX listing.
- The DigitalX Bitcoin ETF will be listed on the ASX Exchange later this month on July 12 under the ticker BTXX. K2 Asset Management (KAM.AX), opens new tab will act as the issuer of this ETF and digital asset manager 3iQ will promote and distribute this ETF domestically and internationally.
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DigitalX Gears to Launch Spot Bitcoin ETF on Australia’s ASX Exchange
DigitalX Ltd. will launch a Bitcoin exchange-traded fund on Australia’s main stock market after becoming the second asset manager to win approval for such a product from the bourse operated by ASX Ltd.
The recent listing of ETF by DigitalX comes just week after ASX approval for VanEck’s Bitcoin ETF last month. Additionally, Sydney-based fund manager BetaShares Holdings Pty has also applied to launch Bitcoin and Ether ETFs on the ASX.
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Significance of DigitalX’s Launch of Spot Bitcoin ETFs on ASX
There is no doubt that listing on the ASX Exchange represents a major milestone, as it can usher in more liquidity and trading volume for the Bitcoin ETFs. According to Bloomberg, VanEck Bitcoin ETF on ASX is expected to attract $1 billion in inflows.
“I believe this will attract new entrants into the market and ultimately allow institutions to include Bitcoin and digital assets into strategic asset allocations,”said Lisa Wade, chief executive officer of DigitalX. “That’s really why we did it, but that is a much longer game.”
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Spot Bitcoin ETFs See 3-Week High Inflow
Triggered by the return of stolen Bitcoins from the 2014 Mt.Gox hack and recent BTC transfers by the German government, the past few weeks have witnessed a sluggish crypto market. Amid weak crypto market, Spot Bitcoin ETFs saw nearly $295 million in net inflows on July 8, recording inflows for two consecutive days and starting the week with massive buying.
This indicates institutional investors are buying the dip heavily despite the German govt BTC selloff and key macroeconomic events this week. Institutional buying signals high chances of Bitcoin rally to above $60k. Experts are overall bullish on BTC price and believe Mt. Gox creditors are not likely to sell their Bitcoin in this bull market.
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About DigitalX
DigitalX is an asset management company operating in Australia with significant presence and influence in the financial markets, particularly in the digital currency space. As a major player in the Australian financial market, DigitalX focuses on asset management, particularly in the area of digital currencies and blockchain technology.
By launching innovative financial products such as the Bitcoin ETF, DigitalX is committed to providing investors with a more convenient and cost-effective way to invest, while also driving progress in the acceptance of innovative financial products in the Australian financial market. As the digital currency market continues to evolve, DigitalX is expected to continue to play its important role in the future, creating more value for investors.
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Related article:Buy Bitcoin (BTC) Australia: A Comprehensive Guide For 2024
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