DigitalX to Launch Spot Bitcoin ETF on ASX: Second Asset Manager to Secure Approval

DigitalX, a prominent asset manager, is set to launch a spot Bitcoin ETF on Australia’s main stock market, ASX Ltd. This move will make DigitalX the second asset manager, after VanEck, to secure approval for listing on the ASX exchange.

The DigitalX Bitcoin ETF is scheduled to go live on July 12, as announced by the company on Tuesday, July 9. The ETF will be listed under the ticker BTXX and will be a collaboration between DigitalX, K2 Asset Management, and 3iQ. This development comes shortly after VanEck’s listing on ASX in June and BetaShares Holdings Pty’s application to launch Bitcoin and Ether ETFs on the exchange.

Lisa Wade, CEO of DigitalX, expressed her belief that the listing of the Bitcoin ETF will attract new entrants to the market and enable institutions to include digital assets in their strategic asset allocations. The listing on ASX is expected to bring in more liquidity and trading volume for Bitcoin ETFs, with Bloomberg predicting potential inflows of $1 billion for VanEck’s Bitcoin ETF.

In the US, spot BTC ETFs saw strong inflows totaling $295 million on Monday, July 8, despite a dip in the BTC price to $54,000. Investors, including corporate players like Metaplanet, showed interest in buying the Bitcoin dips. Notably, Blackrock’s Bitcoin ETF IBIT received the highest inflows of $187 million, followed by Fidelity FBTC with $61.5 million and Grayscale’s GBTC with $25 million in inflows.

The recent inflows in BTC ETFs suggest a potential trend reversal in July, as the BTC price has rebounded to $57,500 after hitting lows below $53,500. This trend indicates growing interest from institutional investors in Bitcoin ETFs and the cryptocurrency market as a whole.