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Approved spot Bitcoin exchange-traded funds could soon be visible on the Australian ASX stock exchange, according to reports.
ASX Ltd is responsible for handling around four-fifths of Australia’s equity trading and it’s understood the spot Bitcoin ETF could be trading before the end of 2024.
Bloomberg sources suggested that several issuers have submitted their ETF applications, including VanEck, BetaShares, and DigitalX.
VanEck offers ETFs in the US and Europe and is said to have resubmitted its application for the Australian market in February. The Sydney-based BetaShares is rumored to be working toward launching a product on the ASX and DigitalX Ltd also entered an application in February.
A spokesperson from ASX who spoke to the news publisher said the exchange “continues to engage with a number of issuers that are interested in admitting crypto asset-based ETFs,” but a timeframe or confirmation was not disclosed.
Spot crypto ETFs were introduced in the US earlier in 2024
While governments and authorities are still proceeding with caution towards cryptocurrency, updates have been made in several areas worldwide.
The Securities and Exchange Commission approved the first US-listed exchange-traded funds to track Bitcoin in January of 2024.
The go-ahead was given to 11 Bitcoin exchange funds and these have since amassed $53.16 billion in total net assets which exceeds pre-launch expectations.
This means that investors can now use this ETF as a way of investing or trading on the asset class without having to buy the commodity themselves which is an improvement in diversification for Bitcoin.
Prior to the approval, people were required to obtain a digital wallet or open an account with a trading platform.
Other countries are introducing changes too, with Hong Kong being the next to see approved spot Bitcoin and ether ETFs. Six funds will be officially listed on April 30, with initial approval confirmed on April 15.
Featured Image: Photo by Marcus Reubenstein on Unsplash
