Australian Bitcoin ETF Launch Imminent with VanEck Taking the Lead

Crypto News- The Australian Securities Exchange (ASX) is gearing up to potentially greenlight its first batch of Bitcoin exchange-traded funds (ETFs), following in the footsteps of global counterparts like the US and Hong Kong.

Reports from Bloomberg today suggest that ASX is reviewing applications from major players such as VanEck, BetaShares, and DigitalX, with approval anticipated before the year wraps up.

Australian Bitcoin ETF Launch Imminent with VanEck Taking the Lead

As Australia’s largest equity exchange, ASX boasts a formidable domestic market capitalization of $2.7 trillion, hosting over 2000 issuers as of March 2024.

Learning from Past Missteps: Australia’s Crypto ETF Journey Resumes

This move marks Australia’s second attempt at embracing such products. In 2022, various crypto ETFs made their debut, only to be withdrawn due to lackluster demand exacerbated by market volatility triggered by events like the collapse of FTX and Terra’s algorithmic stablecoin.

However, industry players are optimistic this time around. VanEck Asia Pacific CEO and Managing Director, Arian Neiron, highlighted a surge in queries post the US SEC ruling, indicating growing demand for Bitcoin exposure through ASX-listed vehicles.

Since their launch in January, Bitcoin ETFs globally have enjoyed immense popularity, amassing a staggering $53 billion in assets under management (AUM). Yet, recent weeks have seen a dip in inflows, with notable players like BlackRock and Fidelity recording days of zero flows.

Despite this, industry watchers remain hopeful, believing that renewed interest in these products may soon resurface.