Australia’s first Bitcoin ETFs are on track to be approved by the ASX by the end of 2024. Major issuers, including Van Eck Associates and BetaShares Holdings, are preparing to list their ETFs in response to the growing popularity of Bitcoin and the upward trend in the crypto market. Following in the footsteps of the US and Hong Kong, Australia is set to join the bullish wave with the launch of these ETFs.
The ASX, a significant player in the country’s equity trading, is expected to give the green light for spot-Bitcoin ETFs on its main board before the year concludes. This move comes after the successful launch of US Bitcoin ETFs, which have accumulated over $50 billion in assets since January. Major players like BlackRock and Fidelity Investments have already entered the market.
With Bitcoin reaching record highs of nearly $74,000 last month, issuers are keen to take advantage of the increasing demand for crypto investment opportunities in Australia. Sydney-based BetaShares is actively working towards launching its product on the ASX, while DigitalX Ltd. has already submitted its application. VanEck, known for its ETFs in the US and Europe, has also expressed a strong interest in tapping into the Australian market.
These developments mark the second wave of spot-Bitcoin ETF launches in Australia, building on the initial listings that took place two years ago on CBOE Australia, albeit on a smaller scale.