According to Bloomberg, the Australian ASX stock exchange is anticipated to debut its inaugural batch of spot bitcoin exchange-traded funds by the conclusion of 2024. Sources familiar with the situation revealed that several issuers, including VanEck and local entities such as BetaShares and DigitalX, have already lodged their ETF applications earlier in the year.
ASX, Australia’s leading equity exchange handling approximately 80% of local trades, boasted a domestic market capitalization of $2.7 trillion as of March.
An ASX spokesperson disclosed, “ASX continues to engage with a number of issuers that are interested in admitting crypto asset-based ETFs,” while declining to provide further comment on the matter.
In Australia, investors have been actively trading spot bitcoin ETFs since 2022, currently accessible via CBOE Australia. Notably, the Global X 21Shares Bitcoin and Ethereum ETFs represent the sole spot crypto funds available in Australia.
The U.S. led the way in introducing spot crypto ETFs in January, with 11 spot bitcoin funds collectively accumulating $53.16 billion in total net assets, surpassing initial projections.
Hong Kong, too, anticipates the introduction of its inaugural line of spot bitcoin and ether ETFs. Following initial approval on April 15, six funds are slated for official listing on April 30. Despite its relatively smaller estimated size compared to the U.S., Hong Kong’s approval signifies a significant positive stride for the crypto landscape, as highlighted by Bloomberg’s senior ETF analyst Eric Balchunas earlier this month.
