Written by Lewis Jackson
- Sydney (Reuters) – Thursday saw the introduction of a bitcoin exchange-traded fund (ETF) on Australia’s primary stock market, as fund managers introduced new offerings to appease investors who were returning to the cryptocurrency space after a surge in prices.
- The fund will invest in the January-launched, U.S.-listed VanEck Bitcoin Trust rather than directly acquire Bitcoin. Twelve comparable cryptocurrency funds are also managed by VanEck’s European affiliate.
- Since authorities authorized some Bitcoin ETFs in January, investors have flooded the market with billions of dollars. Six new funds were introduced in Hong Kong in April, however, there hasn’t been as much enthusiasm there.
- VanEck Australia reported in March that more brokers and financial advisors were requesting similar products after U.S. authorities gave their approval.
- after 2023, the price of bitcoin has about quadrupled; but, after reaching a high in March, values have stagnated.
- Many bitcoin ETFs are already available on a rival exchange in Australia that is managed by CBOE Global Markets’ local branch.
- On the other hand, the VanEck Bitcoin ETF is the first fund to debut on the primary market, sharing the ticker strip with some of the nation’s most recognizable companies, including Commonwealth Bank and BHP.
$1 is equal to 1.4990 Australian dollars.
Source:
investing
