DigitalX Spot Bitcoin ETF Approved for ASX Quotation - 9 July 2024
DCC (DCC) Share Update July 2024 Monday 8th
DigitalX Announces Approval of Spot Bitcoin ETF on ASX
DigitalX Limited (ASX: DCC, OTCQB: DGGXF) has announced the successful approval of its DigitalX spot Bitcoin ETF (ASX: BTXX) for quotation on the Australian Securities Exchange (ASX), marking a significant milestone in the digital asset investment market.
Instant Summary:
- DigitalX spot Bitcoin ETF approved for ASX quotation.
- ETF will trade under the ticker BTXX starting 12 July 2024.
- DigitalX partners with K2 Asset Management and 3iQ for this initiative.
- Provides a regulated and liquid structure for Bitcoin exposure.
- First spot Bitcoin ETF to be quoted on the ASX.
ETF Approval and Launch
DigitalX Limited, a leading digital asset fund manager, has received approval for its DigitalX spot Bitcoin ETF to be quoted on the Australian Securities Exchange (ASX). The ETF, which will trade under the ticker BTXX, is set to commence trading on Friday, 12 July 2024, at 10:00 AM AEST.
This ETF is among the first spot Bitcoin ETFs to be quoted on the ASX, providing investors with a simple, liquid, and regulated structure to gain exposure to Bitcoin without the need to hold a digital wallet. DigitalX has partnered with K2 Asset Management, which will act as the Responsible Entity and Issuer for the ETF, leveraging their extensive experience in managing ASX-listed ETFs and compliance systems.
Strategic Partnerships
DigitalX is collaborating with K2 Asset Management and 3iQ, a global digital asset investment company, to promote and distribute the ETF both in Australia and internationally. 3iQ is renowned for its expertise in managing and distributing digital asset ETFs globally.
Lisa Wade, CEO of DigitalX, expressed excitement about the launch, stating, 'We are pleased to now be able to deliver and offer this spot Bitcoin ETF to the Australian market. This is a watershed moment for us as a business and for the Australian digital asset investment market.'
Market Significance
The DigitalX Bitcoin ETF represents a significant development in the digital asset market, offering ASX customers direct access to Bitcoin through a regulated and liquid fund structure. DigitalX has a long-standing track record in managing digital assets and aims to provide Australians with a secure and cost-effective way to invest in Bitcoin.
DigitalX Chair, Toby Hicks, highlighted the importance of this milestone, stating, 'As we celebrate 10 years since the listing of DigitalX on the ASX, it is exciting to see the growth and development of the digital asset markets reflected in this approval for the DigitalX spot Bitcoin ETF to be quoted on the ASX.'
The approval of the DigitalX spot Bitcoin ETF is expected to have a positive impact on the company's stock and the broader market. By providing a regulated and liquid means of gaining exposure to Bitcoin, the ETF could attract a significant number of investors, thereby increasing trading volumes and potentially boosting DigitalX's stock price. Additionally, this development positions DigitalX as a leader in the digital asset investment space, which could enhance investor confidence and interest in the company's future offerings.
Investor Reaction:
Investor reactions have been largely positive, with many expressing optimism about the potential growth and accessibility the ETF brings to the digital asset market. Analysts have noted that the regulated structure of the ETF addresses many of the concerns investors have about direct Bitcoin investments, such as security and liquidity.
Conclusion:
Investors should keep an eye on the commencement of trading for the DigitalX spot Bitcoin ETF on 12 July 2024. This development marks a significant step forward in the digital asset market and offers a new, regulated way to gain exposure to Bitcoin. As always, investors are encouraged to stay informed and consider the potential long-term impacts on their portfolios.