First Bitcoin ETF on Australia's Main Stock Exchange Closes First Day with $1.3 Million in Trading Volume

The first Bitcoin ETF on Australia's main stock exchange, the Australian Securities Exchange (ASX), had a notable debut, trading 96,476 shares and closing the day with a trading volume of $1.3 million. 

While this is a significant milestone for the Australian market, it pales in comparison to the launch of the United States’ spot Bitcoin ETFs, which collectively saw $4.5 billion in trading volume on their first day, with an average of $450 million per fund.

VanEck, the investment firm behind the VanEck Bitcoin ETF (VBTC), remains optimistic about the product's future growth. Jamie Hannah, VanEck's deputy head of investments and capital markets, highlighted the potential for similar growth patterns to those seen in the U.S., despite Australia's smaller market size and predominantly retail investor base.

Hannah noted strong interest from both retail and professional investors in gaining Bitcoin exposure through the ASX. VBTC began trading at $13.24 and ended the day at $13.34, based on ASX data. 

Arian Neiron, CEO of VanEck in the Asia-Pacific region, emphasized the growing demand for Bitcoin in Australia through regulated and transparent investment vehicles. Neiron pointed out that VBTC simplifies access to Bitcoin by handling the complexities of acquiring, storing, and securing digital assets.

Although VBTC is the first spot Bitcoin ETF on the ASX, it joins other Bitcoin ETF products in Australia. The Monochrome Bitcoin ETF (IBTC) was recently approved and started trading on the Cboe Australia exchange, the country's second-largest stock exchange. Additionally, the Global X 21Shares Bitcoin ETF (EBTC) was the first Bitcoin ETF to debut in Australia in April 2022.