Crypto ETFs Set to Debut on Australia’s ASX by End of 2024, Following Global Trend
According to Bloomberg, Australia‘s ASX stock exchange is anticipated to list its inaugural batch of approved spot bitcoin exchange-traded funds (ETFs) by the close of 2024. The report, citing sources familiar with the matter, highlights that several issuers, including VanEck and local firms BetaShares and DigitalX, have already lodged their ETF applications earlier this year.
ASX, the premier equity exchange in Australia, overseeing approximately 80% of local trades, boasted a domestic market capitalization of $2.7 trillion as of March.
An ASX spokesperson stated, “ASX continues to engage with a number of issuers that are interested in admitting crypto asset-based ETFs,” declining further comment on the subject.
Since 2022, investors in Australia have been trading spot bitcoin ETFs, presently listed on CBOE Australia. According to its website, the Global X 21Shares Bitcoin and Ethereum ETFs represent the sole two spot crypto funds available in Australia.
In contrast, spot crypto ETFs made their debut in the U.S. in January. Since then, the 11 spot bitcoin funds in the U.S. have amassed a total net asset value of $53.16 billion, surpassing initial expectations.
Hong Kong also awaits its inaugural lineup of spot bitcoin and ether ETFs. Six funds are set for official listing on April 30, following initial approval on April 15. Despite being considerably smaller in size compared to the U.S., Hong Kong’s approval marks a significant positive development for crypto, as stated by Bloomberg’s senior ETF analyst Eric Balchunas earlier this month.
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