Get Ready: Australian Securities Exchange (ASX) May Set to Approve Spot Bitcoin ETFs This Year!

Australia could see $3-4 billion inflows into spot bitcoin ETFs over three years.

Australia’s largest stock exchange, the Australian Securities Exchange (ASX), is poised to approve several spot Bitcoin exchange-traded funds (ETFs) by the end of 2024.

Australia is set for a wave of Bitcoin ETF launches this year, following in the footsteps of the US and Hong Kong, as issuers like VanEck and BetaShares line up for listings https://t.co/tVRBCUYonl

— Bloomberg Crypto (@crypto) April 28, 2024

This move follows successful launches in the United States and Hong Kong, setting the stage for local fund issuers like VanEck Australia and BetaShares to receive approvals by year’s end, as per anonymous sources quoted by Bloomberg.

The surge in spot Bitcoin ETF applications is inspired by the U.S. experience, where similar financial products have amassed about $53 billion in assets under management across eleven different offerings.

The success in the U.S. has boosted confidence among Australian financial circles, affirming the long-term viability of digital assets in mainstream finance.

𝗝𝗨𝗦𝗧 𝗜𝗡: Bitcoin ETFs are coming to Australia. 🇦🇺

Australian Securities Exchange (ASX) is expected to approve the first spot Bitcoin ETFs before the end of 2024.

The world is on a Bitcoin adoption spree, yet people are hesitant to buy $BTC at current prices.

— Lark Davis (@TheCryptoLark) April 29, 2024

According to Justin Arzadon, the head of digital at BetaShares, the robust performance of U.S.-based ETFs has been pivotal in demonstrating the potential for such products in Australia, reinforcing the belief that “digital assets are here to stay.“

Jeff Yew, CEO of Monochrome—a crypto asset management firm with an ongoing application at a competing exchange— predicts that Australian spot Bitcoin ETFs could attract between $3 billion to $4 billion in net inflows within the first three years.

He indicated that the primary demand for these ETFs would likely come from fund managers eager to include Bitcoin in their portfolios and from self-managed super fund (SMSF) investors.

AUSTRALIA’S ASX STOCK EXCHANGE SET TO LAUNCH SPOT BITCOIN ETFS BY 2024 END

– Australia's premier stock exchange, ASX, is set to list its first spot Bitcoin ETFs by the end of 2024, Bloomberg reported.

– An ASX spokesperson confirmed ongoing discussions with various issuers… https://t.co/o1OIfqRlVo pic.twitter.com/pHTBR3UxNf

— BSCN (@BSCNews) April 29, 2024

Yew also noted a significant interest from retail investors, albeit to a lesser extent.

Currently, SMSF investors hold Bitcoin directly through crypto exchanges, which Yew describes as inherently risky should these platforms fail.

Bitcoin ETFs would offer these investors a safer, heavily regulated avenue to invest in digital assets.

Monochrome initially submitted their spot Bitcoin ETF application to the ASX on July 14, 2023, but later redirected their efforts to Cboe Australia due to the slow processing at ASX.

🚨 Australia’s Securities Exchange may approve several spot #Bitcoin ETFs by year-end, following U.S. and Hong Kong successes. #VanEck Australia and #BetaShares are among applicants poised for approval, aiming for significant inflows from institutional and retail investors.

— Satoshi Club (@esatoshiclub) April 29, 2024

Despite previous delays, Yew remains optimistic about Cboe Australia approving their application within the forthcoming weeks, amidst ongoing regulatory challenges faced by the ASX.

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