The Australian Securities Exchange (ASX) has introduced a Bitcoin exchange-traded fund (ETF), which is the first of its kind on the platform to be directly backed by Bitcoin.ASX, which handles 90 per cent of Australia’s stock market activity, has listed the VanEck Bitcoin ETF (VBTC). It began trading with initial assets of around A$990,000 ($660,429).The listing follows the recent approval by the US Securities and Exchange Commission (SEC) of the sale of spot ETFs in May.The ETF operates as a feeder fund, meaning it doesn’t hold Bitcoin directly. Instead, it provides investors with exposure to Bitcoin by investing in the company’s Bitcoin Trust (HODL), which is a US.-based ETF. The Chicago Board Options Exchange (Cboe), an American exchange that trades various financial products, lists this Bitcoin Trust. By channelling investors’ money into this trust, the feeder fund enables investors to benefit from Bitcoin’s price movements without needing to buy and store Bitcoin themselves.
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