Spot Bitcoin ETFs, which have attracted significant investor attention since their debut in the United States in January 2024, are now paving the way for entry into the Australian market. Investment firms Van Eck Associates Corp. and BetaShares Holdings Pty have set their sights on the Australian market as they prepare to launch Bitcoin ETFs.
According to insiders, ASX Ltd. may approve the country's first spot Bitcoin ETF to be listed on the main board by the end of 2024, Bloomberg reported.
Earlier, a spokesperson for BetaShares confirmed that the company is taking active steps to launch spot Bitcoin ETFs. At the same time, local company DigitalX Ltd. announced that it had also started the application process. In addition, global investment manager VanEck resubmitted its application for the product in February, underscoring its plans to enter the Australian market.
Justin Arzadon, Head of Digital Assets at BetaShares, highlighted the importance of the recent influx of funds in the US, citing it as evidence of the growing demand for digital assets. Arzadon also revealed that the company has reserved ASX tickers for spot Bitcoin ETFs and ETH ETFs, highlighting its goals to expand its digital asset offerings. In addition, he said the ASX has high custody requirements for these assets and will scrutinize compliance before issuing any approvals.
An ASX spokesperson said the exchange is "continuing to engage with a number of issuers interested in launching a crypto ETF".
It's worth noting that, following the success of the US Bitcoin ETF, Hong Kong is also preparing to launch trading in the digital product on April 30. However, the proposed ETFs in Hong Kong will operate based on a subscription and in-kind redemption mechanism, allowing the underlying assets to be exchanged for ETF shares, as opposed to the cash redemption model used in the US.
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