Australia to Approve BTC Spot ETFs This Year

Australia is on the verge of introducing a novel method for investors to engage with Bitcoin by launching spot Bitcoin exchange-traded funds (ETFs).

According to a Bloomberg report on Monday, citing unnamed sources, the ASX, Australia’s primary market operator, is expected to approve the nation’s inaugural Spot Bitcoin ETFs by the conclusion of 2024. 

Australia is witnessing a competitive rush to introduce its first Spot Bitcoin ETF. BetaShares, a domestic company, is in the process of creating an offering for the ASX. In addition, DigitalX Ltd. announced in February that they have applied. VanEck, a significant entity in the Bitcoin ETF market in the US and Europe, has also refiled its proposal. This development indicates a keen contest to dominate the Australian market.

Australia Revisits Entering the Bitcoin ETF Market Amid a Global Crypto Surge

Australia has previously ventured into Bitcoin ETFs. A few years back, the CBOE exchange, smaller in comparison, hosted a launch by Cosmos Asset Management in Sydney, introducing a spot Bitcoin ETF. Unfortunately, it didn’t gain the expected investment interest and was removed from the listing in 2022.

On another note, the Global X 21Shares Bitcoin ETF was more successful, amassing approximately $62 million in assets. Currently, attention is turning towards the more prominent ASX exchange. However, Monochrome Asset Management is seeking approval for its Bitcoin ETFs on the CBOE.

In Australia, the assets under management for spot Bitcoin ETFs have increased significantly, reaching approximately $53 billion as of April 24 in the United States. Meanwhile, Hong Kong is gearing up to launch its eagerly anticipated spot Bitcoin and Ethereum exchange-traded funds by the end of April. Trading for the Bosera-HashKey Capital spot ETF is scheduled to start on Tuesday.

Chinese asset management firms are preparing to introduce spot Bitcoin and Ether Exchange-Traded Funds (ETFs), following the profitable example set by the three-month-old Bitcoin funds in the US. The anticipated demand for Hong Kong’s spot cryptocurrency ETFs is expected to come from Chinese investments in the city, crypto exchanges, and market makers throughout the Asia-Pacific region.

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