On 20 June, the VanEck Bitcoin ETF (ASX: VBTC) is scheduled to debut on the ASX, marking the exchange’s inaugural bitcoin ETF.
Arian Neiron, VanEck CEO and managing director, Asia Pacific, said on the occasion: “We are pleased to bring bitcoin to the Australian market as a regulated financial product on the nation’s primary capital market destination, the ASX.”
InvestorDaily previously covered the competition for Australia’s first bitcoin ETF, with both Global X and now Monochrome asserting their claim to the title.
Earlier this month, Monochrome Asset Management announced the launch of the Monochrome Bitcoin ETF (IBTC) on the Cboe Australia exchange, claiming to be Australia’s first ETF directly holding bitcoin. However, back in April 2022, the Global X 21Shares Bitcoin ETF (EBTC) also touted itself as Australia’s first ETF directly investing in bitcoin. Despite structural differences in how they provide bitcoin exposure, Global X ETFs CEO Evan Metcalf noted that, from an investor’s perspective, there’s virtually no difference between the two funds.
While VanEck may not be asserting to be the first overall, it has outpaced the competition by being the first to list on the ASX.
Monochrome initially announced it would list its ETF on the ASX before pivoting to Cboe as it “aligns more closely with our strategic vision, market reach, and time frame”.
The ASX launch of a bitcoin ETF follows the SEC’s approval of the first bitcoin ETFs earlier this year, and the availability of bitcoin ETNs in several European stock exchanges.
Commenting on this, Neiron said: “Being responsive to new opportunities has always been a guiding principle for VanEck.”
“Owning gold was illegal until the mid-1970s, but John van Eck saw its potential as a superior store of value and a hedge against inflation. He established the first gold equity fund in 1968 when gold was still pegged to the US dollar, and three years later, the Nixon administration took the dollar off the gold standard for the first time in 190 years. Gold prices soared, as did the fortunes of VanEck’s gold fund investors,” he added.
Addressing the polarising nature of crypto investing, Neiron said VanEck recognises bitcoin is an emerging asset class that many advisers and investors want to access.
“We have developed a robust offering that we believe provides an opportunity for bitcoin exposure using a regulated, transparent and familiar investment vehicle,” he said.
“VBTC also makes bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing and securing digital assets is no longer necessary.”
VBTC will increase VanEck’s product range to a total of 42 ETFs on the ASX.
Maja Garaca Djurdjevic
Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.
