Sydney-based asset manager DIGITALX has secured approval from the Australian Securities Exchange (ASX) to launch a Bitcoin ETF (exchange-traded fund), marking the second such product to receive the green light from Australia’s leading stock exchange.
The DigitalX Bitcoin ETF, with the ticker BTXX, is expected to list on July 12, according to a press release. official statement released by the company on Tuesday.
DigitalX’s Bitcoin ETF Joins Previously Launched Offerings
In collaboration with K2 Asset Management and 3iQ, DigitalX created the Bitcoin ETF to meet the growing demand for cryptocurrency investment tied to the largest cryptocurrency on the market.
Lisa Wade, CEO of DigitalX, expressed her belief that the introduction of the Bitcoin ETF will attract new market participants and enable institutional investors to integrate Bitcoin and digital assets into their strategic asset allocations.
Wade stressed the long-term vision behind the decision, acknowledging that the integration of cryptocurrencies into traditional investment portfolios is underway. declared:
I think it will attract new entrants to the market and eventually allow institutions to include Bitcoin and digital assets in their strategic asset allocations. That’s really why we did it, but it’s a much longer game.
As a Bitcoinist reportedThe ASX approved VanEck’s Bitcoin ETF (VBTC) three weeks ago. Sydney-based fund manager BetaShares Holdings has also submitted an application to launch Bitcoin and Ethereum ETFs on the ASX.
While the DigitalX Bitcoin ETF and VanEck ETF will be the second pair of Bitcoin ETFs to receive approval from the ASX, it is worth noting that Australia has already witnessed the introduction of two other Bitcoin ETFs in the past two years.
The Bitcoin Global X 21 Shares ETF (EBTC) debuted in April 2022, followed by the Monochrome ETF (IBTC), which began trading on the Cboe Australia exchange on June 4.
July Turns Out to Be Bullish for Bitcoin
On the other hand, the established Bitcoin ETF market in the United States has seen significant growth influx of nearly $300 million on Monday, pushing the price of the cryptocurrency up nearly 3% in 24 hours.
Currently trading at $57,300, Bitcoin has shown resilience despite a recent 20% price drop from its peak of $70,000 over the past week to $53,500 on Friday.
This comes as the market is under selling pressure due to factors including ongoing repayments from Mt. Gox and massive support from the German government. BTC Transfers to Exchanges for sale.
However, this large inflow into the ETF market indicates that investors are looking to accumulate the digital asset at a potentially discounted price, indicating bullish sentiment in the market.
Moreover, as reported According to our sister site NewsBTC, July has historically been a favorable month for Bitcoin, with an average return of 7.98% and a median return of 9.60%. This positive trend is expected to continue, supported by optimistic macroeconomic indicators and renewed interest in Bitcoin ETFs.
Featured image of DALL-E, chart from TradingView.com
