Australia is preparing for the listing of Bitcoin ETFs.

Indra55

Australia is expected to witness a surge in the issuance of Bitcoin Exchange-Traded Funds (ETFs), similar to developments in the United States and Hong Kong. According to Bloomberg, companies like Van Eck Associates and BetaShares Holdings are preparing to list Bitcoin spot ETFs.

Sources familiar with the matter indicated that ASX Ltd., which oversees about 80% of stock trading in the country, is expected to approve the first batch of Bitcoin spot ETFs for listing on the main board by the end of 2024.

In an interview, BetaShares confirmed its efforts to launch products on the Australian Securities Exchange (ASX). Additionally, another local competitor, DigitalX Ltd., disclosed in its half-year performance in February that it had applied for listing a Bitcoin ETF. Similarly, VanEck, known for similar investments in the United States and Europe, resubmitted its ETF application in February.

It is worth noting that prior to this, Bitcoin spot ETFs in the United States had already accumulated a staggering $5.3 billion in funds this year, including inflows from financial giants like BlackRock and Fidelity Investments. While the United States has only approved Bitcoin spot ETFs, funds directly investing in Bitcoin and Ethereum will debut in Hong Kong on Tuesday, the 30th of the month.

Justin Arzadon, Digital Assets Manager at BetaShares, believes that the astounding inflows into US ETFs "prove that digital assets will continue to exist." He further revealed that the company has reserved ASX ticker codes for Bitcoin and Ethereum spot ETFs.

Furthermore, a spokesperson for the Australian Securities Exchange mentioned that the exchange is actively discussing with several issuers interested in introducing cryptocurrency ETFs. However, the ASX representative chose not to provide a specific timeline for these developments.

It is noteworthy that Australia's $2.3 trillion retirement fund market (with one-quarter belonging to self-managed superannuation funds) could drive inflows as individuals have the option to invest. Jamie Hannah, Deputy Head of Investments at VanEck Australia, expressed this view, noting that these plans could be potential buyers of spot cryptocurrency funds. "There's a big enough potential market here to get this ETF to scale," Hannah added.

Yamini003

It's another wave of excitement, isn't it?

Kapil334

There will be a lot of funds once it's listed.