Australia Greenlights Second Spot Bitcoin ETF on Stock Exchange, DigitalX Leads the Charge

Australia's stock exchange has approved its second spot Bitcoin ETF, with DigitalX set to launch BTXX on July 12, providing regulated and direct Bitcoin access.

DigitalX's Spot Bitcoin ETF to Launch on ASX

According to Cointelegraph, DigitalX, an asset manager that focuses on blockchain technology, has been granted regulatory approval to start its spot Bitcoin exchange-traded fund (ETF). This ETF will be the second Bitcoin ETF to trade on the Australian Securities Exchange (ASX).

It was stated by the company in a post that was published on July 8 X that the DigitalX Bitcoin ETF will be listed on July 12 at 10 am local time under the ticker symbol BTXX.

Industry Leaders Celebrate a Milestone

BTXX's Chief Executive Officer, Lisa Wade, referred to the acceptance of the company's listing as a "watershed moment."

"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 explained.

In addition, Toby Hicks, chair of DigitalX, stated that it is "exciting to see the growth and development of the digital assets markets reflected in this approval" in Australia.

K2 Asset Management Partnership​

In order to fulfill the role of responsible entity and issuer of the spot Bitcoin exchange-traded fund (ETF), DigitalX formed a partnership with the investment management business K2 Asset Management.

A little more than three weeks have passed since the Australian Securities Exchange (ASX) gave its approval to VanEck's spot Bitcoin ETF on June 15, which began trading on June 20.

A volume of $1.3 million was recorded at the end of the first trading day for the VanEck Bitcoin ETF (VBTC), which is significantly lower than the daily average of $450 million that was seen for the nine spot Bitcoin ETFs headquartered in the United States during the course of their first ten trading days.

According to a report that was published by Bloomberg in April, the Australian fund manager Betashares is also interested in developing a Bitcoin exchange-traded fund at the ASX.

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