UPDATED: April 29, 2024, 2:23AM EDT
Australia’s ASX stock exchange is expected to list its first approved batch of spot bitcoin exchange-traded funds by the end of 2024, according to Bloomberg.
Its report, citing sources familiar with the matter, noted that several issuers, including VanEck and local firms BetaShares and DigitalX, have already submitted their ETF applications earlier this year.
ASX is the top equity exchange in Australia, managing about 80% of the local trades. As of March, ASX had a domestic market capitalization of $2.7 trillion.
“ASX continues to engage with a number of issuers that are interested in admitting crypto asset-based ETFs,” an ASX spokesperson told The Block. The company declined to comment further on the matter.
Investors in Australia have been trading spot bitcoin ETFs since 2022, currently listed on CBOE Australia. The Global X 21Shares Bitcoin and Ethereum ETFs are the only two spot crypto funds in Australia, according to its website.
Meanwhile, spot crypto ETFs were first introduced in the U.S. in January. The 11 spot bitcoin funds in the U.S. have since amassed $53.16 billion in total net assets, exceeding pre-launch expectations.
Hong Kong also awaits its first line of spot bitcoin and ether ETFs. Six funds will be officially listed on April 30, after receiving the initial approval on April 15. Hong Kong’s approval is a significant positive development for crypto, despite its estimated size being much smaller compared to the U.S., Bloomberg's senior ETF analyst Eric Balchunas said earlier this month.
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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.
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Australia's largest stock exchange could list approved spot bitcoin ETFs by end of 2024: Bloomberg - The Block
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