Key Takeaways
- BTXX started trading on July 12 at 10 am local time.
- The DigitalX Bitcoin ETF received approval from the ASX on July 9
The Australian Securities Exchange (ASX) recently approved its second spot Bitcoin ETF, launched by DigitalX. Trading under the ticker BTXX, the fund aims to mirror Bitcoin’s performance by maintaining long-term BTC holdings. BTXX started trading on July 12 at 10 am local time.
Australia’s first spot Bitcoin ETF, the VanEck Bitcoin ETF (VBTC), began trading on June 20 on the ASX. Unlike VanEck, which uses Gemini as its custodian, DigitalX has chosen Coinbase for this role.
The global push for Bitcoin ETF approvals has significantly impacted the Australian market. The DigitalX Bitcoin ETF received approval from the ASX on July 9, making it the second spot Bitcoin ETF to be approved on the exchange. The fund will only buy and sell Bitcoin to facilitate redemptions and the creation of Bitcoin interests.
JPMorgan analysts expect a rebound in the cryptocurrency market by August, following the completion of liquidations by the end of July. This prediction comes after the bank reduced its year-to-date net flow estimate for the crypto market to $8 billion, citing a recent decline in Bitcoin prices.
Approved in the United States in January, Coinbase now partners with 10 spot Bitcoin ETFs and eight of the nine newly approved Ether ETFs. Major spot Bitcoin ETFs, such as the Grayscale Bitcoin Trust ETF (GBTC) and BlackRock’s iShares Bitcoin Trust (IBIT), also rely on Coinbase for Bitcoin custody.
After its ASX listing on July 12, the DigitalX Bitcoin ETF became the second spot Bitcoin ETF approved on the stock exchange, following VanEck’s listing in June.
Commenting on the development, DigitalX CEO Lisa Wade stated, “We are committed to providing reliable access to Australian investors.”
