Source: Digitalx
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • DigitalX (ASX:DCC) releases its monthly update to shareholders, revealing the DigitalX Bitcoin fund increased 5.3 per cent for the month ending November 2023.
  • The fund experienced a 9.4 per cent increase compared to an increase of 15.5 per cent for the S&P Cryptocurrency Top 10 EWI
  • DigitalX has continued to rally throughout November as time moves closer to the potential release of the first-ever spot bitcoin ETF
  • SQM Research has acclaimed the company’s bitcoin fund as the top-performing fund over a three-year period among those it examined
  • Shares last traded at 5.9 cents

DigitalX (ASX:DCC) has released its monthly update to shareholders, revealing the DigitalX Bitcoin Fund increased 5.3 per cent for the month ending November 2023.

The fund experienced a 9.4 per cent increase compared to an increase of 15.5 per cent for the S&P Cryptocurrency Top 10 Equal Weight Index (EWI).

DigitalX has continued to rally throughout November as time moves closer to the potential release of the first-ever spot bitcoin Exchange-Traded-fund (ETF). There are currently 16 outstanding applications for US-based spot Bitcoin ETFs.

The All Ordinaries Index increased by 4.7 per cent and outperformed gold, which declined 1.6 per cent throughout the month. Meanwhile, Bitcoin’s price rose to US$37,726 over the month.

“Pleasingly the rally in digital asset markets continued into November and it is starting to appear that the fundamental backdrop for our space has improved for the medium term,” DCC CEO Lisa Wade said.

“Despite the sell-off that occurred in 2022, we continue to see many fundamental shifts as a set-up for our core thematic- the transition to Web3 or blockchain financial rails- payments, investment and the internet of value.

“Highlighting the trend, over the past six months our Bitcoin Fund returned 33.1 per cent while the All Ordinaries Index returned 0.3 per cent. Over the last 12 months, the DigitalX Bitcoin Fund returned 127.9 per cent, while the All Ordinaries Index returned -2.5 per cent.”

DCC further highlighted that recent months have seen a robust stabilisation of the long-term outlook for the digital assets sector.

Bolstered by its impressive performance, SQM Research has acclaimed the company’s bitcoin fund as the top-performing fund over a three-year period among those it examined.

But despite all of this, the measure of Bitcoin’s market capitalisation as a percentage of all digital assets, decreased in November as lower market cap assets outperformed.

The price of Ethereum increased more than 13 per cent to US$2052 in November following Global giant Blackrock’s file for an Ethereum ETF entity. Solana rose 54.4 per cent following a resurgence of activity on its network and a revival in its NFT markets.

DCC shares last traded 5.9 cents.

DCC by the numbers
More From The Market Online

Weekly Wrap-up: The Headlines That Matter

A list of headlines and economic data that moved markets this week – and what's next.
The Market Online Video

Market Close: ASX200 wraps up the week on a high

The ASX200 closed up nearly half a per cent. Most sectors finished in the green.
The Market Online Video

Webinar: Australia’s Uranium Awakening: Investing in a Glowing Future

Uranium's regained serious value after an extended price depression that resulted from plentiful supplies coupled with…