By the end of 2024, the Australian Securities Exchange (ASX) is set to welcome its inaugural batch of spot Bitcoin exchange-traded funds (ETFs), as reported by Bloomberg. The report highlights that several issuers, including VanEck, BetaShares, and DigitalX, have already lodged their ETF applications earlier this year.
ASX, the leading equity exchange in Australia, handles approximately 80% of the country’s trades. As of March, the domestic market capitalization of ASX stood at a staggering $2.7 trillion.
An ASX spokesperson shared with The Block that the exchange is actively engaging with numerous issuers interested in listing crypto asset-based ETFs. However, the company refrained from providing further comments on the matter.
Since 2022, Australian investors have been trading spot Bitcoin ETFs, which are currently listed on CBOE Australia. According to its website, the Global X 21Shares Bitcoin and Ethereum ETFs are the only two spot crypto funds available in Australia.
In the U.S., spot crypto ETFs made their debut in January. Since then, the 11 spot Bitcoin funds in the U.S. have accumulated a total of $53.16 billion in net assets, surpassing initial expectations.
Hong Kong is also on the verge of listing its first batch of spot Bitcoin and Ether ETFs. After receiving preliminary approval on April 15, six funds are scheduled to be officially listed on April 30. Despite its estimated size being significantly smaller than the U.S., Hong Kong’s approval marks a substantial positive stride for crypto, as stated by Bloomberg’s senior ETF Analyst Eric Balchunas earlier this month.”
