Blockchain-focused asset manager DigitalX has received regulatory approval to launch its spot Bitcoin exchange-traded fund (ETF), becoming the second Bitcoin ETF to trade on the Australian Securities Exchange (ASX).
The DigitalX Bitcoin ETF will be listed under the ticker BTXX on July 12 at 10 am local time, the firm revealed in a July 8 X post.
The approval to list BTXX was described as a “watershed moment” by its CEO, Lisa Wade.
“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,” she said.
“It is exciting to see the growth and development of the digital assets markets reflected in this approval” in Australia, added DigitalX’s Chair Toby Hicks.
DigitalX Bitcoin partnered with investment management firm K2 Asset Management to act as the responsible entity and issuer of the spot Bitcoin ETF.
DigitalX will also work with cryptocurrency-focused investment firm 3iQ to promote and distribute the product across Australia and internationally.
It comes a little over three weeks after the ASX approved VanEck’s spot Bitcoin ETF on June 15, which commenced trading on June 20 local time.
The VanEck Bitcoin ETF (VBTC) closed its first trading day with $1.3 million in volume — far below the $450 million daily average seen by the nine United States spot Bitcoin ETFs across their first ten trading days.
According to ASX data, VBTC had a little over $475,000 ($700,000 Australian dollars) in trading volume in the first five hours of the July 9 trading day.
Australian fund manager Betashares is also pursuing a Bitcoin ETF on the ASX, according to an April report from Bloomberg.