Australian Securities Exchange Gears Up To List Spot Bitcoin ETFs This Year

The Australian Securities Exchange (ASX) is expected to approve for listing this year spot Bitcoin ETFs (exchange-traded funds), Bloomberg reported, citing persons familiar with the matter.

Two Bitcoin ETF applications have already been submitted, with a third application in progress, the Bloomberg story said.

The two applications are from VanEck Australia and BetaShares, a local ETF-focused fund manager.

Spot Bitcoin ETFs in Australia could bring inflows of anywhere from $3 billion to $4 billion within the first three years of approval, Jeff Yew, CEO of fund manager Monochrome, told CoinTelegraph.

ASX is Australia’s dominant stock exchange, accounting for about about 80% of the country’s local trades. As of March, ASX had a domestic market capitalization of $2.7 trillion.

Yew’s Monochrome is also in the race for approval of a spot BTC ETF. It first applied to ASX in July last year, but then switched to the much smaller Cboe Australia.

Bitcoin ETF approvals in Australia would see it following in the foot steps of the US and, more recently, Hong Kong, where Bitcoin and Ethereum ETFs were due to begin trading today, April 29, and to list on the Hong Kong Stock Exchange as soon as Tuesday.

Hong Kong’s approval and imminent launch is a significant development for crypto as it showcases growing adoption. While it’s a smaller market than the US, it is arguably still Asia’s leading financial center.

Also Read:

  • Hong Kong Sets Stage for Cryptocurrency Expansion with New ETF Approvals
  • China’s Harvest May Be First Fund Manager To Launch A Spot Bitcoin ETF In Hong Kong Later This Month
  • Bitcoin ETFs Will Be Lucky To Raise $500M In Tiny Hong Kong Market, Bloomberg ETF Analyst Says
  • Bitcoin Price Prediction: Bloomberg Analyst Says Hong Kong BTC ETFs Will Be “Lucky To Get $500M” As This Learn-To-Earn Crypto ICO Races Towards $1M
  • Ethereum Price Prediction: ETH Soars 6% As Hong Kong Approves Ethereum And Bitcoin ETFs And This Learn-To-Earn Crypto Blasts Past $300K

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