Key Points
- Australia’s ASX stock exchange could list its first batch of approved spot bitcoin ETFs by 2024.
- Several issuers, including VanEck, BetaShares, and DigitalX, have already submitted their ETF applications.
Australia’s leading stock exchange, the ASX, is predicted to list its first approved batch of spot Bitcoin exchange-traded funds (ETFs) by the end of 2024. This information comes from undisclosed sources who are said to be familiar with the situation.
ASX and Crypto ETFs
The ASX is the premier equity exchange in Australia, handling approximately 80% of local trades. As of March, the ASX had a domestic market capitalization of $2.7 trillion. Several issuers, including VanEck, BetaShares, and DigitalX, have already submitted their ETF applications earlier this year.
An ASX spokesperson stated that the exchange is currently in discussions with several issuers interested in admitting crypto asset-based ETFs. However, the exchange declined to provide further details on the matter.
Global Crypto ETF Landscape
Australian investors have been trading spot Bitcoin ETFs since 2022, which are currently listed on CBOE Australia. The Global X 21Shares Bitcoin and Ethereum ETFs are the only two spot crypto funds in Australia.
Spot crypto ETFs were first introduced in the U.S. in January. The 11 spot Bitcoin funds in the U.S. have since amassed $53.16 billion in total net assets, exceeding pre-launch expectations.
Hong Kong is also anticipating its first batch of spot Bitcoin and Ether ETFs. Six funds will be officially listed on April 30, after receiving initial approval on April 15. Despite the estimated size being much smaller compared to the U.S., Hong Kong’s approval is considered a significant positive development for crypto.
