Australia’s ASX Ltd. is expected to approve the country’s first spot-Bitcoin ETFs for the main board by the end of 2024, According to Bloomberg. BetaShares, DigitalX Ltd., and VanEck are attempting to list their products on the ASX. BetaShares intends to introduce a product in Sydney, and DigitalX has applied it to its half-year results. VanEck, recognized for comparable ETFs in the United States and Europe, has also resubmitted an application.
Justin Arzadon, BetaShares‘ head of digital assets, noted that the U.S. cash infusion supports digital asset demand. The business has secured ASX tickers for spot Bitcoin and Ethereum ETFs, indicating its commitment to growing its digital asset services.
The U.S. Securities and Exchange Commission (SEC) has authorized the first-ever spot Bitcoin exchange-traded fund (ETF), signaling a watershed moment in Bitcoin’s evolution as a viable investment. Spot crypto ETFs were established in the United States in January, with 11 funds gathering $53.16 billion in combined net assets. The decision enables a wider variety of investors to participate in the bitcoin market through a more known, accessible, and regulated vehicle, ETF.
The ASX, Australia’s primary equities exchange, handled 80% of local trading and had a domestic market value of $2.7 trillion in March. The ASX is currently engaged with issuers interested in introducing crypto asset-based ETFs. Australian investors have been trading spot bitcoin ETFs since 2022, which are now available on CBOE Australia. The Global X 21Shares Bitcoin and Ethereum ETFs are Australia’s top crypto funds.
Hong Kong is also awaiting the first line of spot bitcoin and ether ETFs. Six funds will be formally listed on April 30 after their first clearance on April 15. According to Bloomberg’s senior ETF analyst Eric Balchunas, Hong Kong’s acceptance is a huge positive move for cryptocurrency despite its projected size being much lower than that of the United States.
