(Bloomberg) -- An exchange-traded fund investing directly in Bitcoin will list on Australia’s main stock market for the first time, part of a wave of such launches after similar products began trading in the US and Hong Kong.

Exchange operator ASX Ltd. has approved the VanEck Bitcoin ETF for a Thursday debut, the bourse and the asset manager said. A spokesperson for ASX — which handles the bulk of Australian equity trading — said VanEck is the only applicant with a green light so far and that engagement is ongoing with other issuers.

“Notwithstanding that crypto investing is a polarizing topic, we recognize Bitcoin is an emerging asset class that many advisers and investors want to access,” Arian Neiron, chief executive officer for VanEck in the Asia-Pacific region, said in a statement.

The Australian listing comes in the wake of the $57 billion amassed by debut US Bitcoin ETFs this year, including offerings from BlackRock Inc. and Fidelity Investments as well as VanEck. Hong Kong permitted spot ETFs for Bitcoin and Ether in April, but they garnered a fraction of the interest of the US vehicles.

Read: How Spot Bitcoin ETFs Became Big Win for Wall Street: QuickTake

Sydney-based BetaShares Holdings Pty and DigitalX Ltd., another local player, are also lining up for listings on the main Australian board. A BetaShares spokesperson said the firm is continuing to work on bringing spot-Bitcoin and Ether funds to market and hopes to launch them in the near future.

An initial round of Bitcoin ETFs listed in Australia two years ago on CBOE Australia, the country’s junior bourse. The funds had mixed success and it remains to be seen if the higher profile of the main stock market, alongside the rally in the largest digital asset over the past year, will lead to greater traction.

--With assistance from Georgina McKay.

(Updates with comment from BetaShares in the fifth paragraph.)

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