Bitrabo Editorial
DIGITALX, an asset manager based in Sydney, has received approval from the Australian Securities Exchange (ASX) to launch a Bitcoin ETF (exchange-traded fund), becoming the second such product to be authorized on Australia’s main stock market.
The forthcoming DigitalX Bitcoin ETF, with the symbol BTXX, is scheduled for listing on July 12, as per an official announcement by the company.
DigitalX Bitcoin ETF Introduced Alongside Existing Offerings
Teaming up with K2 Asset Management and 3iQ, DigitalX has introduced the Bitcoin ETF to meet the escalating demand for cryptocurrency investments linked to the leading digital asset.
Lisa Wade, CEO of DigitalX, believes that the launch of the Bitcoin ETF will encourage new participants in the market and enable institutional investors to integrate Bitcoin and digital assets into their investment strategies.
Wade expressed, “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.”
The ASX recently approved VanEck’s Bitcoin ETF (VBTC) and BetaShares Holdings has applied to launch Bitcoin and Ethereum ETFs on the exchange.
Australia has already seen two other Bitcoin ETFs in recent years, including the Global X 21 Shares Bitcoin ETF (EBTC) in April 2022 and the Monochrome ETF (IBTC) on the Cboe Australia exchange in June 4.
Bitcoin Gains Momentum in July
Meanwhile, the U.S. Bitcoin ETF market observed a substantial inflow of nearly $300 million recently, leading to a nearly 3% surge in the cryptocurrency’s price within a day.
With Bitcoin currently valued at $57,300, it has demonstrated resilience despite a recent 20% price decline from its peak of $70,000, dropping to as low as $53,500 last Friday.
Despite factors like Mt. Gox’s repayments and the German government’s significant BTC transfers for sale, the latest influx into the ETF market indicates a bullish outlook among investors seeking to accumulate the digital asset at a potentially discounted rate.
July has historically been a positive month for Bitcoin, with an average return of 7.98% and a median return of 9.60%, supported by optimistic macroeconomic indicators and renewed enthusiasm for Bitcoin ETFs.
Image source: DALL-E, chart from TradingView.com