Australia's DigitalX Slashes Costs, Reports 99% Annual
Gain in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Fund
Australia's DigitalX Slashes Costs, Reports 99% Annual Gain in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
Fund
DigitalX's Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin fund, which is separate to its ETF on the ASX• Объект организация » Организации по алфавиту » Организации на Ав » Австралийская фондовая биржа has
posted a 99% yearly gain, outpacing its rivals.
By Vince Dioquino
Nov 15, 2024 Nov 15, 2024
3 min read
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin in Australia. Image: Shutterstock
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Australian crypto fund manager DigitalX plans to position itself as a "flag
bearer" for digital assets, preparing for what it sees as the crypto
industry's "mainstream moment" following major breakthroughs and global
political shifts, particularly in the U.S• Соединённые Штаты Америки (США).
DigitalX said Thursday it is undergoing significant cost reductions for its
operations, cutting $950,000 (US• Экономика » Финансы » Платежные средства » Доллар США$614,000) in annualized costs through
restructuring its funds management team.
Its Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin fund, meanwhile, has posted 99% in yearly gains, outpacing its
rivals across multiple timeframes, showing 12% gains over six months and 30%
over three years.
As for its Digital Asset Fund, returns of over 526% over five years were shown
despite a slight decline of 2.1% in the past quarter, according to the
company's latest shareholder update.
Crypto has experienced significant year-to-date gains, with Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin posting a
106% increase to $87,500. The industry's profile has been bolstered by
U.S• Соединённые Штаты Америки (США). listings of spot Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum exchange-traded funds and a
Republican victory in the presidential race, viewed by many as clearing a path
to definitive regulations impacting digital assets.
DigitalX offers two separate Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin investment• Экономика » Финансы » Инвестиции products: a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Fund for
wholesale investors and a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETF (BTXX) for retail investors, each
designed to provide exposure to the asset through different structures and
access methods.
Listed on the Australian Securities Exchange• Объект организация » Организации по алфавиту » Организации на Ав » Австралийская фондовая биржа (ASX• Объект организация » Организации по алфавиту » Организации на Ав » Австралийская фондовая биржа) earlier in July, DigitalX’s
spot Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETF is one of several crypto ETFs in the country, including
VanEck's VBTC, which is also listed on the ASX• Объект организация » Организации по алфавиту » Организации на Ав » Австралийская фондовая биржа.
Other crypto ETFs include Global X 21Shares' EBTC and Monochrome's
IBTC, both listed on Cboe Australia.
The Perth-based fund manager claims despite its restructuring, it maintains
what it describes as a "safe pair of hands" approach to client investments.
Unlike VanEck's offering, which gains exposure through a U.S• Соединённые Штаты Америки (США).-listed
trust, BTXX provides direct Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin exposure without US• Экономика » Финансы » Платежные средства » Доллар США intermediary exposure,
potentially insulating Australian investors from US• Экономика » Финансы » Платежные средства » Доллар США regulatory developments.
Notably, the ASX• Объект организация » Организации по алфавиту » Организации на Ав » Австралийская фондовая биржа listings are considered more significant as the exchange
handles about 80% of the country's equities trading volume. The DigitalX
ETF offering has seen its unit price rise from $20 (US• Экономика » Финансы » Платежные средства » Доллар США$12.93) at launch to
$31.09 ($US20.10).
"Following the end of Financial Year 2024, the Board knew that it had to make
changes to the company's costs to ensure that we remained sustainable and
capable of executing our business plan," DigitalX Chair Toby Hicks wrote in a
statement .
The company acknowledges several challenges in raising funds under management
despite solid performance, citing a relatively small addressable investor• Экономика » Финансы » Инвестиции » Инвестор
market compared to traditional investment• Экономика » Финансы » Инвестиции products.
DigitalX’s strategic shift comes amid expectations of regulatory changes in
the U.S• Соединённые Штаты Америки (США). following Donald Trump's recent presidential victory .
Hicks notes that such a political climate opens the prospect for "greater
regulatory clarity within and from the U.S• Соединённые Штаты Америки (США).," which could create opportunities
for the company and its investors.
Edited by Sebastian Sinclair
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