Bitcoin ETFs to Launch in Australia This Year: Report

Australian Securities Exchange (ASX), a local stock exchange controlling $2.7 trillion in market capitalization, has revealed plans to endorse several spot Bitcoin exchange-traded fund (ETF) products before this year ends.

The latest information, disclosed in a Bloomberg report on Monday, will bring the Australian financial market on par with the United States and Hong Kong. These two large financial markets have already embraced the financial product, allowing local investors to access it.

Australian Market to Embrace Bitcoin ETFs

According to the Bloomberg report, financial companies like VanEck, BetaShares, and DigitalX submitted applications earlier this year with ASX to approve the spot Bitcoin ETF product. Citing individuals familiar with the matter, the report stated that the top Australian exchange is in talks with these applicants over a potential endorsement of the first batch of ETF products before year-end.

Once approved, these products will allow Australian investors to tap into the investment vehicle backed by the leading cryptocurrency, Bitcoin. This can be considered a big deal in the country since ASX holds 90% of the stock market share compared with rival exchanges.

Notably, this is not the first time spot Bitcoin ETFs will enter the Australian financial system. Earlier reports show that CBOE Australia, a rival stock exchange to ASX, has listed a spot Bitcoin ETF for the Australian subsidiary of the funds management firm, Global X ETFs. The company’s website describes its ETF product as the country’s “first and only spot Bitcoin ETF.”

Another investment management firm, Monochrome Asset Management, has filed for approval of the Bitcoin-backed product with CBOE Australia.

Bitcoin ETFs on the Rise

Bitcoin ETFs saw the most attention in the U.S. following its approval from the local financial agency in early January. As of the time of writing, companies offering the financial product account for over $53 billion worth of BTC. Firms like BlackRock and Fidelity have led this movement.

Positioning itself for similar gains, the Hong Kong government approved Bitcoin and Ethereum ETFs earlier this month.