VanEck and BetaShares in Race to Apply for Aussie Crypto ETFs 

Deepshikha  |  May 6, 2021

VanEck and BetaShares have each applied with the Australian Securities Exchange (ASX) for crypto ETFs following the rejection of industry speculation in March.

Family offices in Australia are found supporting digital assets as the fund managers are participating to list the country’s first crypto-backed Exchange Traded Fund. 

VanEck and Betashares Apply for Crypto ETFs in Australia

Several institutional crypto product applications have been put on record as Australians showed interest in purchasing more Bitcoins. 

The ASX confirmed the collection of formal applications from various other investment managers who are eager to launch their own Bitcoin ETFs.

The statement in the first week, from VanEck Asia-Pacific Chief Executive Arian Neiron, stated that,

“The crypto-asset movement had become more mainstream and the Bitcoin ETF on the ASX could democratize crypto assets for all types of investors.”

It is also confirmed by the Australian ETF provider BetaShares that,

“ASX application but did not specify whether it was planning a Bitcoin product or one more broadly backed by digital assets.”

Managing director Alex Vynokur stated 

“There was significant demand for such products. From our perspective, a regulated structure of an ETF is the more appropriate structure for a significant number of investors, rather [than] buying Bitcoin or other cryptocurrencies on unregulated exchanges.”

Average Family Office in Australia and New Zealand Controls More Than $600 Million 

The ASX however, declined to comment directly on the applications but stated that,

“it is closely monitoring developments in relation to listed investments involving Bitcoin and other cryptocurrencies.”

According to reports

“listed blockchain investment company DigitalX has been offering assistance to increasing numbers of family offices that are eager to invest in the maturing digital asset space.”

Executive director Leigh Travers said that;

“Investors are replacing their gold portions of portfolios with Bitcoin. The biggest change has been around institutional interest which has helped evolve it from a speculative asset to an asset that is part of a diversified portfolio and has the strongest macro winds of any investment possible I think.”

According to the reports the average family office in Australia and New Zealand controls more than $600 million each.

Related News