In a new boost to the cryptocurrency sector, a bitcoin (CRYPTO: BTC) spot exchange-traded fund has listed on Australia's primary stock market for the first time.
What happened: He VanEck Bitcoin ETFWith an initial investment of almost $657,000, it made its debut in the Australian Stock ExchangeBloomberg reported. The ETF is a $647 million feeder fund. VanEck Bitcoin Trust (BATS:HODL) in the US
See also: Dogecoin, Shiba Inu and Floki are 'Dino Coins', Trader Says โ Likes These 3 Other Meme Coins Like 'Blue Chip'
Other Australian companies, such as Sydney BetaShares Holdings Pty and DigitalX Ltd., are also preparing to list on the main Australian board. However, VanEck is the only applicant to have been approved so far.
While cryptocurrency ETFs are now available in CBOE Australia, On the country's other exchange, the listing of a Bitcoin ETF on Australia's main stock market is a significant development.
Because it is important: Approval of Bitcoin ETFs in and around Asia has gained momentum following US approvals earlier this year. Later in April, the Asian financial center of Hong Kong officially approved the first batch of Bitcoin and Ether spot ETFs.
The 11 US-based ETFs have attracted inflows of $14.81 billion so far, according to SoSo Value, which served as the main trigger for the coin's price rise this year.
price action: At the time of writing, Bitcoin was trading at $65,176.87, up marginally 0.25% in the last 24 hours, according to data from Benzinga Pro.
Read next: This 'major fundamental flaw' threatens to 'kill cryptocurrencies', says analyst
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
