Nikolas Sargeant
According to Bloomberg's report on Monday, citing insider sources, ASX, Australia's primary market operator, is on course to authorize the country's inaugural spot-based Bitcoin ETFs by the close of 2024.
The competition is underway for Australia's premier Spot Bitcoin ETF. Local entity BetaShares is reportedly crafting a product for ASX. Meanwhile, DigitalX Ltd. revealed in February that it had submitted an application. Additionally, VanEck, a significant presence in US and European Bitcoin ETFs, has resubmitted its proposal. This flurry of activity underscores a competitive environment vying for dominance in the Australian market.
An ASX spokesperson disclosed to Cryptonews that discussions regarding crypto-based ETFs are ongoing with "several" interested issuers, although details remain undisclosed.
Global Crypto Surge Prompts Australia's Reentry Into Bitcoin ETF Market
This venture isn't Australia's first foray into Bitcoin ETFs. Two years prior, the smaller CBOE exchange witnessed a launch led by Sydney's Cosmos Asset Management, which introduced a spot Bitcoin ETF. However, it struggled to garner investor interest and was subsequently delisted in 2022.
Meanwhile, the Global X 21Shares Bitcoin ETF managed to amass around $62 million in assets. Presently, attention seems to be shifting towards the dominant ASX exchange. However, issuer Monochrome Asset Management is presently seeking approval for its Bitcoin ETFs on CBOE.
Applications in Australia follow a surge in spot Bitcoin ETF assets under management, reaching approximately $53 billion as of April 24 in the US. Moreover, Hong Kong is poised to introduce its highly anticipated spot Bitcoin and Ethereum exchange-traded funds by the end of April, with the Bosera-HashKey Capital spot ETF slated to commence trading on Tuesday.
Bitcoin Craze Sweeps Asia with Hong Kong's Spot ETFs
Chinese asset managers are also gearing up to launch spot Bitcoin and Ether ETFs, emulating the success of the immensely profitable three-month-old US Bitcoin funds.
Potential demand sources for Hong Kong's spot crypto ETFs include Chinese wealth invested in the city, alongside Asia-Pacific crypto exchanges and market makers.
Meanwhile, in the UK, the London Stock Exchange unveiled its plans to commence accepting applications for trading crypto exchange-traded notes (ETNs) from April 8 onwards. ETNs and ETFs share similar traits, trading on major exchanges akin to stocks.
