Back to the list

Australia Braces for Bitcoin ETF Boom Amidst Record Highs

source-logo  thenewscrypto.com 29 April 2024 04:07, UTC
  • ASX set to approve Australia’s first Bitcoin ETFs by 2024 end.
  • Major issuers like Van Eck Associates and BetaShares Holdings are lining up for ETF listings.

As the crypto market shifts towards an uptrend and Bitcoin ETFs gain momentum, Australia is poised to ride the bullish wave in the crypto market with the imminent launch of Bitcoin exchange-traded funds (ETFs). This announcement follows in the footsteps of the US and Hong Kong lead; prominent issuers like Van Eck Associates and BetaShares Holdings are gearing up for ETF listings.

Reports suggest that ASX, responsible for a significant portion of the country’s equity trading, is expected to greenlight the first spot-Bitcoin ETFs for its main board before 2024 concludes. This move follows the remarkable success of US Bitcoin ETFs, which have amassed over $50 billion, since its launch in January, drawing offerings from major players like BlackRock and Fidelity Investments.

Australia’s Bitcoin ETF Entry

With Bitcoin reaching all-time highs of nearly $74,000 last month, issuers are eager to capitalize on the growing demand for crypto investment opportunities in Australia.

BetaShares, headquartered in Sydney, is actively working towards launching a product on the ASX, while DigitalX Ltd. has already lodged its application. VanEck, known for its ETFs in the US and Europe, also resubmitted its application earlier this year, signaling a strong interest in tapping into the Australian market’s potential.

These developments mark the second wave of spot-Bitcoin ETF launches in Australia, building upon the initial listings two years ago on CBOE Australia, albeit on a smaller scale than the current momentum.