The largest stock exchange in Australia, the Australian Securities Exchange (ASX), is set to list its second spot Bitcoin exchange-traded fund (ETF).
The spot Bitcoin ETF in question will be offered by blockchain-centric asset management firm DigitalX. This Bitcoin ETF will be the second to list at the ASX.
ASX To List Another Bitcoin ETF
The spot Bitcoin ETF offered by DigitalX will be listed at the ASX under the ticker symbol BTXX. The product will start trading on this exchange on July 12.
According to the CEO of DigitalX, Lisa Wade, the launch of this Bitcoin ETF at the ASX was a “watershed moment” for the company and the entire digital asset investment industry in Australia.
She noted that the product would ensure traders at the ASX have better access to Bitcoin through a regulated platform.
“This is a watershed moment for us as a business and for the Australian digital asset investment market. The DigitalX Bitcoin ETF is a spot ETF product that provides ASX customers with direct access to Bitcoin via a regulated and liquid fund structure,” Wade said.
DigitalX will offer the spot Bitcoin ETFs by partnering with the K2 Asset Management firm, which will be the issuer of this ETF.
The firm is also working with 3iQ, another crypto-centric firm, to promote and distribute the ETF products across Australia and other countries.
The recent approval comes around three weeks after the ASX approved the spot Bitcoin ETF offered by VanEck. The ASX started supporting the VanEck Bitcoin ETF on its trading platform on June 20.
A report by Bloomberg also noted that Betashares, a fund manager based in Australia, might be the third to have its Bitcoin ETF listed at the ASX.
Despite asset managers’ interest in listing Bitcoin ETFs in Australia, these products have significantly lower volumes than those listed in the US market.
For instance, during the first day of trading, the VanEck Bitcoin ETF saw $1.3 million in trading volumes, which pales compared to the $4.5 billion for the nine listed spot Bitcoin ETFs in the US.
Inflows To Bitcoin Products Resume
The recent filing by DigitalX comes as the US Bitcoin ETF market resumes inflows after a prolonged phase of outflows due to the declining price of Bitcoin.
On July 8, the net inflows to spot Bitcoin ETFs hit $294 million, marking the most significant inflows in 21 days.
The BlackRock iShares Bitcoin Trust (IBIT) ETF had the largest inflows of $187 million. The changing sentiment towards Bitcoin products comes despite a notable price decline.
Bitcoin has also recovered after being battered by selling pressure from the German government and Mt.Gox.
BTC has been up 3% in the last 24 hours to trade at around $57,300 as of 10:41 a.m. EST. However, it remains down by nearly 8% over the past week.
