DigitalX Announces Australia’s Second Spot Bitcoin ETF on ASX

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 will 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 the company and the Australian digital asset investment market.

Australia’s Second Spot Bitcoin ETF

Australia’s top stock exchange has approved its second-spot Bitcoin ETF, managed by DigitalX in partnership with 3iQ and K2. Under the ticker BTXX, the new exchange-traded fund (ETF) is expected to improve investing options for Australians who want exposure to Bitcoin without dealing with the hassles of digital wallet management.

K2 will manage the ETF, which has experience managing ASX-listed ETFs. 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 is pivotal for the crypto asset market. VanEck’s first spot Bitcoin ETF 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.