Updated: April 29, 2024, 2:23 am EDT
Australia’s ASX stock exchange is expected to list its first approved batch of spot bitcoin exchange-traded funds by the end of 2024, according to Bloomberg.
Several issuers, including VanEck and local companies BetaShares and DigitalX, submitted their ETF applications earlier this year, its report said, citing sources familiar with the matter.
The ASX is the top equities exchange in Australia, handling approximately 80% of local trades. As of March, the ASX had a domestic market capitalization of $2.7 trillion.
“ASX continues to engage with a number of issuers who are interested in accepting crypto asset-based ETFs,” an ASX spokesperson told The Block. The company declined to comment further on the matter.
Investors in Australia are trading the Spot Bitcoin ETF from 2022, which is currently listed on CBOE Australia. According to its website, the Global X21Shares Bitcoin and Ethereum ETF are the only two spot crypto funds in Australia.
Meanwhile, spot crypto ETFs were first introduced in the US in January. The 11 spot Bitcoin funds in the US have since raised $53.16 billion in total net assets, exceeding pre-launch expectations.
Hong Kong is also awaiting the launch of its first series of spot Bitcoin and Ether ETFs. The six funds will be officially listed on April 30 after receiving preliminary approval on April 15. Eric Balchunas, senior ETF analyst at Bloomberg, previously said that Hong Kong’s approval is a significant positive development for crypto, although its estimated size is much smaller than that of the US. this month.
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About the Author
Danny Park is the East Asia reporter at The Block and writes on topics including Web3 development and crypto regulations in the region. He was previously a reporter at Forkast.News, where he actively covered the collapse of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He graduated from the University of Hong Kong with a degree in Journalism and Business Marketing.
