Bitcoin ETFs have enjoyed incredible success in the US since their approval earlier this year.
Recent reports suggest that Australian exchanges could follow suit by approving a spot Bitcoin ETF for Australian investors.
Australian Exchanges Poised to Approve Bitcoin ETFs
The news, shared by Bloomberg, claims that the Australian Securities Exchange (ASX) could approve Bitcoin ETFs before the end of 2024. AXS reportedly controls around 90% of Australia’s equity market.
Bloomberg reports that some local institutions have already applied for spot Bitcoin ETFs. For example, DigitalX Ltd., a local institution, applied in February. In addition, VanEck reignited its interest in launching the product earlier this year.
JUST IN: Australia to approve first spot #bitcoin ETFs before the end of 2024 – Bloomberg
2 Bitcoin ETF applications have been submitted, with a 3rd application in progress. pic.twitter.com/k1EUj9WLK7
— Radar
(@RadarHits) April 29, 2024
There’s been an increased interest globally in Bitcoin ETFs. This is thanks to the performance of US-based products. The 11 US-based products have recorded an impressive $53 billion in assets under management.
On the other hand, Justin Arzadon, the head of digital at BetaShares, one of the Australian firms interested in Bitcoin ETFs, views the performance of these products as inspiring. Arzadon noted that this has not only served as a source of confidence but also “prove digital assets are here to stay.”
BREAKING
— Token Metrics (@tokenmetricsinc) April 29, 2024
Other regions outside the United States have also picked up interest in Bitcoin ETFs. Hong Kong recently approved the first batch of Bitcoin and Ether ETFs. This reflects the growing popularity of crypto-based products.
Australia Gets More Competitive
The crypto space in Australia has grown more intense in recent years. Thus, the possible emergence of bitcoin ETFs could be a huge boost for this competition. Jeff Yew, the CEO of Monochrome, a crypto asset management firm, believes Bitcoin ETFs could be a game-changer. Yew believes this product could yield around $3 billion to $4 billion in net inflows in the first three years.
In addition, Yew expects fund managers to drive the demand for these ETFs. Similarly, self-managed super fund (SMSF) investors and retail users will play huge roles in this coming market.
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