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Australia is preparing to introduce its first spot Bitcoin Exchange-Traded Funds (ETFs) by the end of 2024, according to Bloomberg.
Firms such as Monochrome Asset Management and BetaShares are awaiting approval from the Australian Securities Exchange (ASX) and Cboe Australia.
Unnamed sources cited by Bloomberg suggest that applications from VanEck Australia and BetaShares are likely to be approved, with Monochrome Asset Management also pursuing authorization for its ETF on the smaller Cboe Australia exchange.
The launch of Bitcoin ETFs would offer Australian investors a regulated and secure investment vehicle for those interested in digital assets.
This comes as the global demand for spot crypto ETFs is increasing, with various countries and exchanges seeking ways to incorporate cryptocurrencies like Bitcoin and Ethereum into conventional investment portfolios.
Similar funds launched in the United States earlier this year, and have since attracted substantial investments.
Bitcoin and Ethereum ETFs in Hong Kong are scheduled to start trading on April 30.