NEW YORK, Jun 20, 2024 — Australia's first Bitcoin ETF, launched on the Australian Securities Exchange (ASX), made its debut with 96,476 shares traded on its inaugural day. The ETF closed its first trading session with a total trading volume of $1.3 million (1.9 million Australian dollars). This debut figure, while notable, falls significantly short of the initial trading volumes observed for spot Bitcoin ETFs in the United States, where debut days saw a combined total of $4.5 billion across 10 funds, averaging around $450 million per fund.

The VanEck Bitcoin ETF (VBTC), issued by investment firm VanEck, represents a significant milestone as the first Bitcoin ETF approved for the ASX. Despite the comparatively smaller size of the Australian market, VanEck remains optimistic about the ETF's growth potential. Jamie Hannah, VanEck's deputy head of investments and capital markets, expressed confidence that VBTC could experience growth similar to that seen by U.S. spot Bitcoin ETFs. Hannah acknowledged the market's current retail-heavy flow compared to the more institutional flows typical in the U.S., yet remains hopeful for substantial future expansion.

"We recognize that while the Australian market is much smaller than the U.S., there's potential for us to follow a similar growth trajectory," Hannah told Cointelegraph. "We've seen strong interest from both retail and professional investors looking to gain Bitcoin exposure through the ASX."

Upon its market opening, VBTC was priced at $13.24 and ended the day at $13.34. Throughout the trading day, 96,476 shares changed hands. This activity reflects growing interest and engagement in Bitcoin investments within Australia, a trend that has been building over recent months.

Arian Neiron, CEO of VanEck Asia-Pacific, highlighted the increasing demand for regulated and transparent investment vehicles in the Australian market. "Bitcoin is an emerging asset class that many investors and advisers are eager to access," Neiron said. "VBTC simplifies Bitcoin investment by managing the complexities of acquiring, storing, and securing digital assets, making it more accessible to a broader audience."

While VBTC marks a significant development as the first spot Bitcoin ETF on the ASX, it is not the only Bitcoin ETF in the Australian market. The Global X 21Shares Bitcoin ETF was the pioneer, launching in April 2022, followed by the more recent approval and trading debut of the Monochrome Bitcoin ETF on Cboe Australia, the country's second-largest stock exchange.

As Australia continues to navigate the evolving landscape of cryptocurrency investments, the debut of VBTC is a key step in expanding the availability and accessibility of Bitcoin investment opportunities.