DigitalX Gears to List Spot Bitcoin ETF on Australia’s ASX Exchange As Demand Soars
07/09/2024 12:13
The DigitalX spot Bitcoin ETF will start trading on ASX on July 12, thereby directly competing with VanEck listing. ETFs see strong inflows on Monday amid BTC price drop.
As per the latest development, DigitalX is planning to launch a spot Bitcoin ETF on Australia’s main stock market ASX Ltd. This will make DigitalX the second asset manager after VanEck to secure approval for the ASX listing.
DigitalX Bitcoin ETF to Go Live On July 12
As per the statement issued by the company on Tuesday, July 9, the DigitalX Bitcoin ETF will be listed on the ASX Exchange later this month on July 12 under the ticker BTXX. for this upcoming Bitcoin ETF, DigitalX will join hands with K2 Asset Management and 3iQ.
As said, the recent listing of ETF by DigitalX comes within a month of VanEck making an arrival on ASX in June. Additionally, Sydney-based fund manager BetaShares Holdings Pty has applied to launch Bitcoin and Ether ETFs on the ASX. Speaking on the development, Lisa Wade, chief executive officer of DigitalX said:
“I believe this will attract new entrants into the market and ultimately allow institutions to include Bitcoin and digital assets into strategic asset allocations. That’s really why we did it, but that is a much longer game.”
Listing on the ASX Exchange is a major milestone, as it can usher in more liquidity and trading volume for the Bitcoin ETFs. Bloomberg predicted that VanEck Bitcoin ETF on ASX could attract $1 billion in inflows.
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US Spot BTC ETF Sees Strong Inflows
This week has started on a pretty strong note as the US spot BTC ETFs saw a staggering $295 million in total inflows on Monday, July 8, as the BTC price slipped all the way to $54,000. This shows that ETF investors were keen to buy the Bitcoin dips, along with other corporate players like Metaplanet.
On Monday, none of the BTC registered any outflows. The Blackrock Bitcoin ETF IBIT registered the most inflows at $187 million followed by Fidelity FBTC which saw $61.5 million in inflows. Interestingly, Grayscale’s GBTC also witnessed inflows to the tune of $25 million.
The inflows in the last two reading sessions seem to be picking up the pace hinting strong trend reversal ahead in July. following yesterday’s lows under $53,500, the BTC price has recovered once again to $57,500 as of press time.
Also Read: Spot Bitcoin ETFs Saw $143 Million Inflows on Friday, Institutions Buying The Dips?
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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