As a crypto investor, I’m excited about the latest news from Bloomberg that the Australian Securities Exchange (ASX) could approve multiple Bitcoin ETFs later this year. The report doesn’t have an official confirmation yet, but Monochrome Asset Management recently applied for a spot Bitcoin ETF with Cboe Australia. If approved, it could be available as early as the second quarter of the year.
Based on a recent report by Bloomberg, I’ve learned that according to unnamed industry insiders privy to the situation, the Australian Securities Exchange (ASX) is anticipated to approve several Bitcoin exchange-traded funds (ETFs) before the end of this year.
The report says that the timeline of their approval is yet to be officially confirmed by the ASX.
Approximately two weeks ago, Monochrome Asset Management, a cryptocurrency-centric investment firm based in Brisbane, made an application to Cboe Australia – a competing exchange to the ASX – for listing a Bitcoin Exchange-Traded Fund (ETF). Once approved by the Australian Securities & Investments Commission (ASIC), this ETF is projected to debut in the second quarter of the year.
In the year 2022, Cosmos Asset Management based in North Sydney introduced Bitcoin and Ethereum spot ETFs. Regrettably, these ETFs had to be delisted due to insufficient demand just in the same year. This landmark event occurred concurrently with the crash of the Terra ecosystem. The crypto industry encountered one of its most significant crises in November 2022 when the FTX digital asset empire crumbled.
In the year 2024, it seems that the Bitcoin ETF market will experience more advantageous circumstances. The price of Bitcoin is predicted to remain near its all-time highs, even after a significant price decrease.
Bitcoin Exchange-Traded Funds (ETFs) have generated significant buzz after being given the green light in the United States. Among them, BlackRock’s Bitcoin ETF has achieved remarkable success, setting new milestones. Lately, though, these ETFs have been grappling with increasing redemptions.
According to U.Today’s report, Ethereum and Bitcoin ETFs received approval in Hong Kong during March. Yet, some analysts have expressed skepticism, predicting that these ETFs may not draw significant investments.
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2024-04-29 08:51