Australia Set to Launch Bitcoin ETFs by 2024
Australia is on the verge of launching Bitcoin exchange-traded funds (ETFs) following the footsteps of the US and Hong Kong. Van Eck Associates and BetaShares Holdings are gearing up for listings, with expectations that Australia’s stock exchange (ASX) will approve its first batch of spot Bitcoin ETFs by the end of 2024.
Australia’s Preparation for Bitcoin ETFs
Sources familiar with the matter anticipate that the Australian Stock Exchange (ASX), responsible for around 45% of the country’s equity trading, will approve the first spot Bitcoin ETFs for the main board before the end of 2024.
Issuers and Applications for Bitcoin ETFs
BetaShares, a Sydney-based company, is actively pursuing the launch of a Bitcoin ETF on the ASX, while DigitalX has also submitted an application. Renowned issuer VanEck, offering similar ETFs in the US and Europe, resubmitted an application in February, underlining the strategic importance of the Australian market.
- Aiming to attract assets from retirement programs
- Pension market in Australia presents a significant opportunity
Previous Experience with Bitcoin ETFs in Australia
In 2022, Cosmos Asset Management in Sydney introduced a spot Bitcoin ETF in Australia, but it struggled to attract significant investor interest and was eventually delisted. Conversely, Global X 21Shares launched a successful Bitcoin and Ethereum ETF the same year, managing over $62 million in assets.
The Significance of Bitcoin ETFs in Australia
The introduction of Bitcoin ETFs in Australia is projected to be a significant milestone in the country’s investment landscape, with the ASX having a domestic market capitalization of $2.7 trillion. This move is set to revolutionize Australia’s investment prospects and provide investors with more accessible avenues to invest in cryptocurrencies.
Global Expansion of ETF Offerings
The success of Bitcoin ETFs in the US has prompted issuers to expand their offerings globally, with Hong Kong also set to introduce spot Bitcoin and Ether ETFs. The collective assets under management for Bitcoin ETFs in the US have reached $53.16 billion, indicating a growing appetite for cryptocurrency investment products worldwide.
Anticipated Benefits for Investors and Industry Stakeholders
As Australia prepares to embrace Bitcoin ETFs by the end of 2024, investors and industry stakeholders are eagerly awaiting further advancements in the adoption of cryptocurrencies within traditional investment portfolios. The introduction of Bitcoin ETFs is expected to open up new avenues for diversified investment opportunities and attract inflows from different investor segments.
Hot Take: Australia’s Bitcoin ETF Journey
Get ready for a transformative shift in Australia’s investment landscape as the country gears up to launch Bitcoin ETFs by 2024. The approval of spot Bitcoin ETFs on the ASX is set to revolutionize how investors in Australia approach cryptocurrency investments. This move not only signifies a significant milestone for the Australian market but also reflects the growing global interest in cryptocurrency ETFs. Stay tuned for an exciting journey into the world of Bitcoin ETFs in Australia!
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