ASX Approves DigitalX’s Bitcoin ETF, Opening New Doors for Crypto Investors in Australia

• DigitalX’s Bitcoin ETF (ASX: BTXX) debut offers direct, regulated Bitcoin access to ASX customers, marking a milestone for Australian digital asset investment.
• Approval of Australia’s second spot Bitcoin ETF by DigitalX, in partnership with 3iQ and K2, enhances local investment opportunities in Bitcoin.
• Despite recent market volatility, strong investor interest persists, with Bitcoin rebounding and significant inflows into ETFs reflecting robust confidence.

DigitalX Ltd is set to debut its Bitcoin ETF (ASX: BTXX) on the Australian Securities Exchange (ASX) starting Friday, July 12, 2024, at 10:00 AM AEST. This ETF is set to give ASX customers direct access to Bitcoin through a regulated and liquid fund.

DigitalX CEO Lisa Wade emphasized the launch’s significance, calling it a milestone for both the company and the Australian digital asset investment market.

Australia’s top stock exchange has approved its second spot Bitcoin ETF, managed by DigitalX in partnership with 3iQ and K2. This approval comes after the launch of VanEck’s ETF last month. The new ETF, trading under the ticker BTXX, is set to enhance investment opportunities for Australians seeking exposure to Bitcoin without the complexities of managing digital wallets.

K2, with its extensive experience in managing ASX-listed ETFs, will handle the management of the ETF. DigitalX and 3iQ will promote and distribute the ETF in Australia and internationally. This teamwork aims to make Bitcoin investment easier and safer for Australians.

The introduction of DigitalX’s Bitcoin ETF comes at a pivotal time for the crypto asset market. The first spot Bitcoin ETF by VanEck was approved on June 20th, following three years of negotiations with the ASX. 

Unlike DigitalX, VanEck’s ETF invests indirectly through the US VanEck Bitcoin Trust, which received SEC approval in January.

Despite recent market ups and downs, including Bitcoin’s drop from its March peak, investor interest is still strong. Bitcoin’s price fell below $54,000 last week but has bounced back to $57,559, staying above the $57K level.

This dip has been seen as a buying opportunity, with investment inflows reaching over $440 million last week. ETF net inflows surged to nearly $300 million, reflecting robust investor confidence.

Globally, the approval of cryptocurrency ETFs has seen mixed results. While the US market has attracted billions in investments since January, Hong Kong’s ETFs, approved in April, have seen lower-than-expected interest. Nevertheless, historical trends suggest that July could be a bullish month for the crypto market, with the community optimistic about continued positive momentum.