The Australian Securities Exchange (ASX) listed the VanEck Bitcoin exchange-traded fund on Thursday, making it the platform’s first spot bitcoin ETF.

The VanEck Bitcoin ETF, which trades under the VBTC ticker symbol, had total net assets of around 982,850 AUD ($655,560) as of Wednesday, according to VanEck’s website. VBTC operates as a feeder fund, allowing investors to gain exposure to bitcoin by investing in the U.S.-listed VanEck Bitcoin Trust (HODL). 

“While it has been possible to trade Bitcoin via crypto exchanges, trading units with exposure to Bitcoin via an ETF on an exchange like ASX means you’re able to buy and sell those units through a traditional brokerage account, simplifying the process and opening the opportunity to more Australians,” Andrew Campion, general manager of investment products and strategy of ASX, said in a statement.

ASX is a top equity exchange in Australia, managing about 80% of the local trades. As of May, ASX had a domestic market capitalization of $2.6 trillion, its website showed. 

Earlier this year, it was reported that the ASX is preparing to list its first batch of bitcoin ETFs this year, noting that several other issuers besides VanEck have submitted applications. The list includes local issuers BetaShares and DigitalX.

Aside from ASX, Australia’s second-largest stock exchange, Cboe Australia, approved the Monochrome Bitcoin ETF (IBTC) earlier this month. Investors in Australia have already been trading spot bitcoin ETFs, with the Global X 21Shares Bitcoin and Ethereum ETFs listed on Cboe in April 2022.

The U.S. introduced its first spot crypto ETFs in January. The 11 spot bitcoin funds in the U.S. have since amassed $56.06 billion in total net assets, exceeding pre-launch expectations. Hong Kong has also introduced spot ETFs for bitcoin and ether in April, which have amassed total net assets worth over $1.38 billion.