Highlights:
- DigitalX’s Bitcoin ETF, listed under ticker BTXX, will go live on ASX on July 12.
- The ETF is developed in partnership with K2 Asset Management and 3iQ, enhancing its market reach.
- DigitalX’s ETF aims to attract new market entrants and institutional investors to Bitcoin.
DigitalX Limited is set to launch its Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) on July 12. This development marks DigitalX as the second asset manager to secure approval for a spot Bitcoin ETF on the ASX, following VanEck’s approval last month. The new ETF will trade under the ticker BTXX.
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Developed in collaboration with K2 Asset Management and 3iQ, the DigitalX Bitcoin ETF aims to provide investors with direct access to Bitcoin through a regulated and liquid fund structure. DigitalX’s CEO, Lisa Wade, highlighted the significance of this launch, stating that it will attract new entrants to the market and facilitate institutional investments in Bitcoin and digital assets.
🎉🎉 DigitalX Limited is pleased to announce thats its DigitalX Bitcoin ETF (ASX: BTXX) will be admitted to quotation and commence trading on the ASX as of Friday, 12 July 2024 at 10:00AM AEST.@DigiXCEO, Lisa Wade said: "We are pleased to now be able to deliver and offer this… pic.twitter.com/iZqt09rFtV
— DigitalX Ltd (@DigitalXLtd) July 8, 2024
Expansion of ASX’s Crypto Offerings
The ASX’s approval of DigitalX’s Bitcoin ETF comes shortly after the approval of VanEck’s Bitcoin ETF, which commenced trading on June 20. VanEck’s ETF saw a trading volume of approximately A$1.5 million on its first day. This addition further diversifies the ASX’s cryptocurrency offerings, with Sydney-based fund manager BetaShares also seeking approval for Bitcoin and Ether ETFs.
ASX welcomes VBTC to the exchange! Congratulations to the @vaneck_au team for launching the first crypto ETF on ASX. https://t.co/QM7iYfNZRO 🔔#ASXBell pic.twitter.com/f7MiHDqIoZ
— ASX 🏛 The heart of Australia's financial markets (@ASX) June 20, 2024
The DigitalX Bitcoin ETF will list on July 12 at 10 a.m. local time. Moreover, its launch is expected to attract new market entrants and increase institutional participation in the digital assets market. DigitalX has partnered with K2 Asset Management to act as the responsible entity and issuer of the ETF, while 3iQ will assist in promoting and distributing the product both locally and internationally.
Strategic Asset Allocation
Lisa Wade, CEO of DigitalX, emphasized the long-term vision behind the ETF launch. She noted that the primary goal is integrating Bitcoin and digital assets into strategic asset allocations for institutions. The approval of the DigitalX Bitcoin ETF represents a significant milestone in the growth and development of the digital assets market in Australia.
Wade views the approval of DigitalX’s ETF as a “watershed moment.” She believes it will streamline access to Bitcoin for institutional investors and contribute to the broader acceptance of digital assets. DigitalX’s chair, Toby Hicks, echoed these sentiments, expressing excitement about the development of digital assets markets in Australia.
Market Impact and Future Prospects
The listing of DigitalX’s Bitcoin ETF on the ASX is expected to enhance liquidity and trading volume for Bitcoin ETFs. Bloomberg has predicted significant inflows, with VanEck’s ETF potentially attracting up to $1 billion. The ASX’s support for cryptocurrency products underscores digital assets’ growing acceptance and integration into mainstream financial markets.
VanEck's first-ever listing of spot bitcoin ETF on ASX this week could help bring in $1b of AUM into Aussie digital asset ETFs (equiv of $72b in US). This on top of our estimates of $1b for HK and $1b for South Korea adds up to $3b potential for Asia Pacific region. Here's nice… pic.twitter.com/OUSiahUK05
— Eric Balchunas (@EricBalchunas) June 21, 2024
In addition to DigitalX and VanEck, other Australian fund managers are pursuing the launch of cryptocurrency ETFs. For example, BetaShares is actively involved in this effort. This trend reflects a broader movement towards including digital assets in traditional investment portfolios.
DigitalX’s Bitcoin ETF will provide a new avenue for investors seeking exposure to Bitcoin. In addition, the collaboration with K2 Asset Management and 3iQ ensures a robust and regulated product offering. The ETF’s launch on July 12 marks a key moment for DigitalX and the Australian cryptocurrency market.
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