Australian-Listed Spot Bitcoin ETFs
Monthly AUM in AUD millions across the four Australian-listed spot Bitcoin ETFs: Global X EBTC (Cboe AU, launched May 2022), Monochrome IBTC (Cboe AU, launched June 2024), VanEck VBTC (ASX, launched June 2024), and DigitalX BT2K (ASX, launched July 2024). Stacked-area view of the AUD-allocator BTC ETF book, with fee, custodian, and exchange-listing reference for each issuer.
Chart
Stacked monthly AUM in AUD millions across the four AU-listed spot Bitcoin ETFs. Hover for the issuer-by-issuer breakdown at any month. Click Fullscreen for a presentation-grade view.
AU spot BTC ETF grid
| ETF | Ticker | Exchange | Launched | MER | Custodian |
|---|---|---|---|---|---|
| Global X 21Shares Bitcoin ETF | EBTC | Cboe AU | 12 May 2022 | 0.59% | 21Shares cold storage |
| Monochrome Bitcoin ETF | IBTC | Cboe AU | 4 June 2024 | 0.98% | BitGo |
| VanEck Bitcoin ETF | VBTC | ASX | 20 June 2024 | 0.59% | Gemini Trust |
| DigitalX Bitcoin ETF | BT2K | ASX | 12 July 2024 | 0.79% | Komainu |
EBTC is the longest-tenured product and the largest by AUM. It uses a feeder structure into the 21Shares Bitcoin Core ETP, so it does not hold BTC directly on Australian soil. IBTC, VBTC, and BT2K all use direct-custody structures under the post-ASIC-clarification framework with major institutional custodians (BitGo, Gemini, Komainu).
SMSF + super context
For SMSF trustees the AU-listed spot BTC ETFs solve three problems that block direct-custody BTC for many funds:
- Sole purpose compliance. ETF wrappers held in a brokerage account inside the SMSF satisfy the SIS Act sole purpose test cleanly. Direct BTC custody on Independent Reserve or CoinSpot is permissible but requires the trustee to demonstrate the holding is solely for retirement-benefit purposes - paperwork burden many trustees prefer to avoid.
- Custody risk. The SMSF auditor's annual review treats the issuer's institutional custodian (BitGo, Gemini, Komainu) as a recognised custody arrangement. Direct-custody arrangements (hot wallet, cold storage) require detailed trustee documentation each year.
- Tax reporting. The ETF wrapper produces a year-end annual tax statement covering distributions, franking, and AMIT cost-base adjustments. Direct crypto trading requires lot-by-lot CGT calculation across every disposal, which is what Koinly / Summ / Syla exist to handle.
For SMSF allocators, the choice is therefore frequently between EBTC / VBTC (0.59% MER) and direct custody. Run the comparison through the SMSF crypto CGT calculator for the worked tax numbers.
AU vs US wrapper choice
For an AUD-resident investor with brokerage access to both AU and US markets, three considerations matter:
- Management expense ratio. US-listed IBIT / FBTC at 0.25% are roughly 2x cheaper than the AU 0.59% best-in-class. Over a 10-year holding horizon, that 34bp spread compounds to roughly 3.5% of NAV - meaningful.
- AUD/USD currency layer. US-listed ETFs are USD-denominated. AUD-resident holders pick up the AUD/USD currency move on top of the BTC USD return. The AU-listed ETFs are AUD-denominated already - the currency layer is implicit in the AUD NAV.
- Brokerage / W-8BEN admin. US-listed holdings require a US-broker account (IBKR, Stake) and W-8BEN tax documentation. AU-listed ETFs trade in any AU brokerage account with no extra paperwork. For SMSF trustees, the admin saving is material.
The simple decision: tax-deferred long-horizon SMSF allocations frequently favour AU-listed for admin reasons. Larger non-SMSF allocations from sophisticated AUD investors often favour US-listed for fee reasons. There is no universally correct answer.
Methodology
- Source. Monthly AUM snapshots from each issuer's published factsheets (Global X EBTC factsheet, Monochrome IBTC factsheet, VanEck VBTC factsheet, DigitalX BT2K factsheet).
- Units. Each stacked segment is AUD millions of AUM at month-end as published by the issuer.
- Updates. Updated on each site build from the bundled seed snapshot; periodic refresh as new monthly factsheets publish.
- Limits. Daily flow data is not publicly published by the AU issuers in the way Farside aggregates for US ETFs, so this page is month-end AUM (price-level snapshot) rather than per-day net-flow.
Related tools
- Daily US spot BTC ETF flows - the global flow signal.
- Cumulative US BTC ETF holdings - the US allocator running total.
- SMSF crypto CGT calculator - tax numbers for SMSF BTC disposals.
- Best crypto exchange for SMSF (AU) - direct-custody alternative.
- Crypto CGT calculator - individual AU CGT framework.
Frequently asked questions
Four. Global X 21Shares Bitcoin ETF (ticker EBTC, Cboe AU, launched 12 May 2022), Monochrome Bitcoin ETF (IBTC, Cboe AU, launched 4 June 2024 as the first AU-listed ETF holding BTC directly under ASIC's spot crypto framework), VanEck Bitcoin ETF (VBTC, ASX, launched 20 June 2024), and DigitalX Bitcoin ETF (BT2K, ASX, launched 12 July 2024 as the first ASX-listed BTC ETF from an Australian-domiciled issuer).
ASIC clarified the spot-crypto-ETF approval framework in early 2024 after the US SEC approved the US spot BTC ETFs in January. That gave issuers a path. Monochrome was first to launch under the new framework (4 June 2024 on Cboe AU); VanEck and DigitalX followed within 6 weeks. Global X's EBTC had launched in May 2022 under the earlier 21Shares-feeder structure (it holds BTC indirectly via the 21Shares Bitcoin Core ETP).
Global X EBTC and VanEck VBTC tie at 0.59% MER. DigitalX BT2K is next at 0.79%. Monochrome IBTC is the highest at 0.98%. By comparison, the US-listed IBIT is 0.25% and FBTC is 0.25%. AU MERs are roughly 2-4x the US equivalents, reflecting smaller AUM, higher local custody / compliance overhead, and limited intra-AU competition.
Yes, AU-listed spot BTC ETFs satisfy the SIS Act sole purpose test and qualify as a permissible SMSF investment provided the SMSF's investment strategy permits crypto exposure. The ETF wrapper avoids the direct-custody risks (lost keys, unlisted exchange counterparty, etc.) that block many SMSF trustees from holding BTC directly. CGT treatment: 1/3 discount (10% effective) on disposals after 12+ months holding inside accumulation phase; 0% in pension phase. See the SMSF crypto CGT calculator for the worked numbers.
AU total AUM across the four issuers is in the AUD 700M-800M range. US total AUM across the eleven issuers is over USD 100B (roughly AUD 150B). The ratio is over 200x in USD terms, reflecting both the relative size of the US institutional market and the time advantage US issuers had (US launch January 2024 vs AU launches mid-2024). The AU number is rising but the gap is structural.
Monthly AUM snapshots from each issuer's published factsheets (Global X, Monochrome, VanEck, DigitalX) and Cboe AU + ASX market data. Manually anchored - updated periodically as new monthly factsheets publish. The bundled seed snapshot is the fallback if anything upstream is unreachable.
About the author
