Australia’s primary stock exchange, the Australian Securities Exchange (ASX), could approve several spot Bitcoin exchange-traded funds (ETFs) by year-end, according to a report from Bloomberg.
Following in the footsteps of fund issuers in the United States and Hong Kong, Bitcoin ETF applications from VanEck Australia and local ETF-focused fund manager BetaShares are expected to secure approval, as the report claims, citing anonymous sources familiar with the matter.
DigitalX Ltd, another local firm, had previously announced in its half-year results in February that it had submitted an application.
This increase in spot Bitcoin ETF applications follows the successful approvals in the United States, where eleven separate products have amassed a total of $53 billion in assets under management (AUM), according to data CryptoQuant.
“The considerable inflows into U.S.-based products have provided the confidence to launch the products in Australia and ‘prove digital assets are here to stay,'” said Justin Arzadon, the head of digital at BetaShares, per the Bloomberg report.
Jamie Hannah, deputy head of investments and capital markets for VanEck Australia, reportedly noted that these self-managed super funds, along with brokers, financial advisers, and platform money, constitute a sizable addressable market for spot-crypto funds.
According to the report, Australia’s $2.3 trillion pension market is expected to play a significant role in driving inflows into these new ETFs. Approximately one-quarter of the country’s retirement assets are held in self-managed superannuation programs, which allow individuals to choose their own investments.
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This latest wave of spot Bitcoin ETF applications is a second attempt in Australia, following initial listings on CBOE Australia, the country’s junior bourse, two years ago. While some of these earlier funds, such as those launched by Cosmos Asset Management and Global X 21Shares, have struggled with inflows or have been delisted, issuers remain optimistic about the potential of the ASX listings.
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