Bitcoin ETF

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Asset manager VanEck is slated to launch Australia’s first-ever spot Bitcoin ETF.&nbsp; 
According to a blog update, the Australian Securities Exchange (ASX) approved the VanEck Bitcoin ETF for listing on June 20. The titan money manager said its offering would be Australia’s lowest-cost Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) ETF. 
VanEck has been chasing a spot BTC ETF in Australia since 2021, becoming the first entity to formally apply for such products with the ASX. Following success in the U.S. and advanced Aussie regulatory policies, the company refiled its BTC ETF bid back in February.&nbsp; 
The latest update from VanEck confirmed a regulatory nod received from the Australian Securities &amp; Investments Commission (ASIC), one of two agencies, along with ASX, that must approve products before listing.&nbsp; 
Launching on the ASX allows the wealth consultant to access the bulk of Australia’s capital market. Around 90% of the equity portfolio in Australia reportedly lives on the ASX.“Like these investors, we consider the ETF vehicle is the optimal delivery mechanism for an asset class like bitcoin,” VanEck <a href="https://www.vaneck.com.au/blog/etfs/bitcoin-etf-register-interest/" target="_blank" rel="">wrote</a>. 
Still, the ASIC has advised investors to remain aware of the risks associated with investing in funds that track cryptocurrency prices. 
 You might also like: <a href="https://crypto.news/asic-warns-of-bitcoin-etf-risks-as-asx-listing-sees-cautious-optimism/" rel=""> ASIC warns of Bitcoin ETF risks as ASX listing sees cautious optimism </a> 
<h2 class="wp-block-heading" id="bitcoin-crypto-etfs-proliferating-multiple-jurisdictions">Bitcoin, crypto ETFs proliferating multiple jurisdictions</h2> 
After a blistering start to the ETF life cycle in the U.S., other countries are accelerating plans to onboard crypto-backed funds and allow investors access exposure to such products.&nbsp;&nbsp; 
Some have surmised that Asia’s markets could be the next crypto hub to approve crypto ETFs. Spot BTCfunds already opened in Hong Kong, although the investment products saw modest flows to their U.S. counterparts. 
Hong Kong has also shown a willingness to <a href="https://crypto.news/unlike-the-us-hong-kong-considering-staking-in-spot-ethereum-etfs/" target="_blank" rel="">greenlight</a> contentious crypto practices like Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) staking, a move that could attract massive capital inflows in the region. 
 Read more: <a href="https://crypto.news/ethereum-price-teeters-on-the-edge-will-the-spot-eth-etf-approval-trigger-a-massive-rally/" rel=""> Ethereum price teeters on the edge: will the spot ETH ETF approval trigger a massive rally? </a>

VanEck bags Australia’s first spot Bitcoin ETF

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