DigitalX Secures Regulatory Nod for Second Bitcoin ETF on ASX

Blockchain-centric asset manager DigitalX has garnered regulatory endorsement to debut its spot Bitcoin exchange-traded fund (ETF), marking the second Bitcoin ETF to be listed on the Australian Securities Exchange (ASX).

Launch Details and Market Impact

The DigitalX Bitcoin ETF, trading under the ticker BTXX, will commence trading on July 12 at 10 am local time, as announced in a July 8 post on X.

CEO Lisa Wade heralded the approval to list BTXX as a “watershed moment,” emphasizing, “The DigitalX Bitcoin ETF is a spot ETF product that affords ASX customers direct access to Bitcoin through a regulated and liquid fund structure.” She added, “It is exhilarating to witness the evolution and growth of the digital assets markets manifested in this approval within Australia.”

DigitalX’s chair Toby Hicks echoed this sentiment, underscoring the importance of this development for the digital asset market in the region.

Read more: Anticipated Ether Spot ETFs May Attract Up to $5 Billion in Net Inflows Within Six Months: Gemini

Strategic Collaborations and Market Expansion

In addition to its ASX debut, DigitalX will collaborate with cryptocurrency-focused investment firm 3iQ to promote and distribute the product both across Australia and on an international scale.

This development follows the ASX’s approval of VanEck’s spot Bitcoin ETF on June 15, which began trading on June 20. The VanEck Bitcoin ETF (VBTC) concluded its inaugural trading day with a volume of $1.3 million, a stark contrast to the $450 million daily average observed by the nine United States-based spot Bitcoin ETFs over their first 10 trading days.

Competitive Landscape and Future Prospects

Australian fund manager Betashares is also in pursuit of launching a Bitcoin ETF on the ASX, as reported by Bloomberg in April.

DigitalX’s regulatory approval signifies a significant stride for cryptocurrency investments in Australia, offering investors a new avenue for Bitcoin exposure through a regulated financial product. As the digital asset market continues to expand, the introduction of these ETFs is poised to play a pivotal role in shaping the investment landscape both locally and globally.