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Australia to Launch Bitcoin Spot ETF by Year End

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Post time 6-5-2024 06:54:27 | Show all posts |Read mode
Bloomberg reported that following the footsteps of the United States and Hong Kong, Australia is also gearing up for a wave of Bitcoin spot ETF listings. Issuers including Van Eck Associates Corp. and BetaShares Holdings Pty are actively preparing.

ASX in Communication with Issuers
It is reported that the Australian Securities Exchange (ASX) is expected to approve the listing of Bitcoin spot ETFs on the main board by the end of 2024.

These applications come after the success of Bitcoin spot ETFs in the United States, which attracted $53 billion in funds. A spokesperson for BetaShares stated in an interview that the company is working hard to launch a cryptocurrency spot ETF on the ASX. Local digital currency company DigitalX Ltd. mentioned in its February financial report that it had submitted an application, while VanEck, which has already offered similar ETFs in the United States and Europe, resubmitted its application in February of this year.
Justin Arzadon, Digital Assets Manager at BetaShares, stated that the success of Bitcoin spot ETFs in the United States "proves the continued existence of digital assets." He also added that the company has reserved ASX ticker codes for Bitcoin and Ethereum spot ETFs.

A spokesperson for the Australian Securities Exchange stated that the exchange "continues to engage with issuers interested in launching cryptocurrency ETFs," but did not disclose a specific timeline.

Australia's Second Largest Exchange Issued Bitcoin ETF in 2022
Australia's $2.3 trillion retirement market may facilitate inflows into these ETF products. Jamie Hannah, Investment and Capital Markets Deputy Director at VanEck Australia, stated that about one-fourth of the country's pension assets are held in self-managed retirement plans, allowing individuals to choose their investment products, making this group likely buyers of cryptocurrency spot funds.
It is worth mentioning that the Australian Securities Exchange (ASX) accounts for three-quarters of the country's stock trading volume, while the second largest exchange, the Australian CBOE, accounts for less than one-fifth. As early as 2022, the Australian CBOE listed two Bitcoin ETFs for the first time, with one, launched by asset management company Cosmos, being delisted in less than a year due to poor performance; while the Global X 21Shares Bitcoin ETF currently holds about $62 million in assets.

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Post time 6-5-2024 12:28:40 | Show all posts
Making money is indeed the best outcome.
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Post time 6-5-2024 20:50:29 | Show all posts
This is also more and more money driving Bitcoin forward.
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