Australia Gears Up for Bitcoin ETF Wave After US, Hong Kong Approvals

Australia is set to join the Bitcoin ETF wave, following the recent approvals in the US and Hong Kong. The Australian Securities Exchange (ASX) has received applications from at least two organizations, with more expected in the near future. The ASX is anticipated to approve the first spot Bitcoin ETFs before the end of 2024. This comes after the success of US Bitcoin ETFs, which have gathered $53 billion in assets this year. Sydney-based BetaShares is actively working on launching a product on the ASX and has shown confidence in the market by reserving ASX tickers for spot Bitcoin and spot Ether ETFs. The extensive pension market in Australia, valued at $2.3 trillion, could be a significant driver of inflows into these ETFs. VanEck and Monochrome Asset Management are among the companies that have filed applications for Bitcoin ETFs in Australia. Given the growing acceptance of cryptocurrencies and the potential for financial infrastructure, there is considerable market potential for these ETFs to thrive in Australia.