Australia is on the brink of a monumental shift in its investment scene with the impending launch of Bitcoin exchange-traded funds (ETFs), taking cues from moves made in the US and Hong Kong. Key players like Van Eck Associates and BetaShares Holdings are gearing up for listings, while anticipation mounts for the Australian Stock Exchange (ASX) to roll out its first batch of approved spot Bitcoin ETFs by the end of 2024.
Here are the interesting tid-bits.
Insiders familiar with the matter anticipate a significant development as the Australian Stock Exchange (ASX), handling nearly half of the nation’s equity trading, is expected to give the green light to the first spot Bitcoin ETFs for its main board before the end of 2024.
This pivotal move is poised to bring about a notable evolution in Australia’s investment landscape, especially considering ASX’s whopping domestic market capitalization of $2.7 trillion.
Australia’s forthcoming Bitcoin ETF launches follow the successes witnessed in the United States earlier this year. ETFs introduced in the US have collectively amassed an impressive $53.16 billion in assets, setting a high benchmark for global expansion. Building on this momentum, Hong Kong is set to introduce spot Bitcoin and Ether ETFs by April 30, following initial approvals granted in mid-April.
Sydney-based BetaShares is leading the charge, actively working towards the launch of a Bitcoin ETF on the ASX, with DigitalX also seeking approval. Meanwhile, globally renowned issuer VanEck, known for offering similar ETFs in the US and Europe, reaffirmed its interest by resubmitting an application in February. This underscores the strategic significance of the Australian market in expanding cryptocurrency investment avenues.
Reports indicate that Bitcoin ETF issuers are eyeing Australia’s substantial $2.3 trillion pension market, aiming to attract inflows from retirement assets managed through self-managed superannuation programs. With approximately a quarter of the country’s retirement assets managed through these programs, the potential for cryptocurrency investment products is considerable.
While this marks Australia’s initial venture into spot Bitcoin ETFs, it’s not entirely uncharted territory. In 2022, Sydney-based Cosmos Asset Management introduced a spot Bitcoin ETF, albeit with limited success, leading to its eventual delisting. Conversely, another Bitcoin and Ethereum ETF launched the same year by Global X 21Shares has seen more favorable outcomes, managing over $62 million in assets.
As Australia braces for the arrival of Bitcoin ETFs by the year’s end, investors and industry stakeholders stand on the brink of a transformative era in cryptocurrency adoption within traditional investment portfolios.
Also Check Out: Wall Street Goes Crypto! BNY Mellon Invests in Bitcoin ETFs
Is your portfolio ready for the future of finance? Buckle up, Australia, Bitcoin ETFs are here to stay.
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