Australia's ASX Gives Green Light to First Spot Bitcoin ETF, Reports Bloomberg
CryptoNewsTerminal Staff15 Jun, 2024
Australia's ASX Gives Green Light to First Spot Bitcoin ETF, Reports Bloomberg
Australia's Securities Exchange (ASX) has approved the country's first spot bitcoin exchange-traded fund (ETF), Bloomberg reported on Thursday. This move marks a significant milestone for the cryptocurrency industry in Australia and is expected to provide investors with a more accessible and regulated way to gain exposure to bitcoin. The spot bitcoin ETF will track the price of bitcoin in real-time, providing investors with a direct investment vehicle for the cryptocurrency. This differs from futures-based bitcoin ETFs, which track the price of bitcoin futures contracts. The approval of the spot bitcoin ETF is a major step forward for the cryptocurrency industry in Australia. It demonstrates the growing acceptance of cryptocurrencies as a legitimate investment asset and is likely to attract a new wave of investors to the market.
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