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Australian Securities Exchange (ASX) is expected to approve the first batch of spot bitcoin ETFs before the end of 2024, according to a Bloomberg report.
At least two entities have applied with the ASX, and another is working towards it, the report said.
The Australian Securities Exchange (ASX), which accounts for 90% of Australia’s equity market, is expected to approve the first spot-Bitcoin {BTC} exchange-traded funds (ETFs) before the end of 2024, Bloomberg has reported, citing people familiar with the matter.
Local entity, DigitalX Ltd. applied in February, the report said. VanEck resubmitted an application in February, it announced last month. Sydney-based BetaShares told Bloomberg it is working toward launching a product on the ASX.
ASX said it could not add anything to its last email response to a CoinDesk request for comment in January. Back then, ASX told CoinDesk that it “does not comment on investment product applications” but that it “continues to engage with a number of issuers that are interested in admitting crypto-asset-based ETFs.”
Momentum for Bitcoin ETFs in and around Asia has picked up after U.S. approvals. Hong Kong officially approved the first batch of spot bitcoin and ether ETFs last week.
Earlier this month, Australia-based Monochrome Asset Management applied for a spot bitcoin ETF with the global listing exchange, Cboe Australia, CoinDesk reported. Cboe Australia is a smaller rival of ASX. At the time of the announcement, Monochrome said it selected Cboe Australia because of its expertise across Asia and broader investor access, among other aspects.
Read More: Bitcoin ETFs in and Around Asia After U.S. Approvals? Analysts Are Optimistic About MomentumUPDATE (April 29, 2024, 06:55 UTC): Adds response from ASX.