Australian Securities Exchange (ASX) to Debut Bitcoin Spot ETFs on Main Board by Year-End

According to a report by Bloomberg, the Australian Securities Exchange (ASX) is poised to introduce the first spot Bitcoin exchange-traded funds (ETFs) on its main board by the conclusion of 2024. This move is anticipated to be a significant development within Australia’s capital markets, with ASX handling roughly 80% of equity trading activities.

Prominent issuers like VanEck and BetaShares are reportedly preparing for listings on the exchange. Justin Arzadon, the head of digital assets at BetaShares, highlighted the substantial inflows seen in the U.S. as evidence of the enduring presence of digital assets. BetaShares has secured ASX tickers for spot Bitcoin and Ethereum ETFs.

Arzadon also emphasised that ASX is their preferred venue for listing, although the primary concern for ASX remains ensuring secure custody of the underlying Bitcoin assets for these ETFs.

In parallel, DigitalX, an Australian technology and investment company, disclosed in its semi-annual results that it had submitted an ETF application. VanEck, which already offers similar ETFs in the U.S. and Europe, resubmitted an application in February.

While an ASX spokesperson acknowledged ongoing discussions with multiple issuers interested in launching crypto asset-based ETFs, no specific timeline for approval was confirmed.

This expected development follows the lead of the U.S. and Hong Kong, where spot Bitcoin ETFs have achieved significant inflows this year. The involvement of major players like BlackRock and Fidelity Investments in the U.S. has contributed to the success of these ETFs.

Furthermore, Australia’s $2.3 trillion pension market could be a significant driver of ETF inflows, particularly through self-managed superannuation programs. VanEck Australia’s Jamie Hannah expressed confidence that with interest from various sectors, the ETF could grow substantially.

Despite previous challenges, including delistings of earlier attempts, the upcoming launch of ASX-listed spot Bitcoin ETFs signals a notable progression in Australia’s crypto investment landscape.