Australia Set to Join Global Bitcoin ETF Expansion

Amidst the recent surge in Bitcoin exchange-traded funds (ETFs) in the US and Hong Kong, Australia is poised to witness a similar trend. Leading exchange ASX Ltd. is expected to approve spot-Bitcoin ETFs for the primary market by the end of 2024, inviting issuers such as Van Eck Associates Corp. and BetaShares Holdings Pty to enter the scene. This move is likely to attract self-managed pension assets into these new investment products.

Australia to Join Bitcoin ETF Race Amidst Global Surge

Sydney, April 28, 2024 - Australia is poised to witness a surge in Bitcoin exchange-traded funds (ETFs), aligning itself with the global trend that has seen a massive influx of $53 billion into Bitcoin ETFs in the United States.

Australian Securities Exchange (ASX) Ltd., the nation's leading equity trading platform, is reportedly on the verge of approving the first spot-Bitcoin ETFs for inclusion on its main board. Multiple sources familiar with the matter have indicated that the approval is highly anticipated by the end of this year.

This impending move follows the successful launch of Bitcoin ETFs in the US and Hong Kong, underscoring the growing institutional embrace of Bitcoin as a legitimate investment asset. VanEck Associates Corp. and BetaShares Holdings Pty Ltd. are among the prominent issuers reportedly poised to list Bitcoin ETFs in Australia.

The anticipated approval by ASX would open up access to Bitcoin ETFs for both individuals and institutional investors in Australia. Notably, self-managed pension assets, which represent a substantial component of Australian retirement savings, could potentially flow into these new investment vehicles.

By approving spot-Bitcoin ETFs, ASX would enable investors to gain exposure to the underlying price of Bitcoin without the complexities and risks associated with holding the cryptocurrency directly. This move would significantly enhance the accessibility and liquidity of Bitcoin investments for Australian market participants.

The advent of Bitcoin ETFs in Australia is expected to further legitimize and mature the Australian cryptocurrency market. It would provide investors with additional options to diversify their portfolios and gain exposure to the rapidly growing digital asset class.

As the global cryptocurrency landscape continues to evolve, Australia is firmly positioning itself as a significant player. The approval of Bitcoin ETFs marks a pivotal moment in the nation's financial sector, signifying the growing acceptance and adoption of cryptocurrencies as mainstream investment vehicles.