After the successful launch of spot Bitcoin ETFs in the US earlier this year, Australian issuers are now looking to cash in. Sources suggest ASX, a major player in Australia’s equity market, will approve the country’s first Bitcoin ETFs by the end of 2024. Van Eck Associates and BetaShares are among those gearing up for listing.
Following a massive turnout after the debut of Bitcoin spot ETFs in the US back in January, companies such as Van Eck Associates Corp. and BetaShares Holdings Pty are preparing to introduce similar products in the Australian market.
Australia to Approve Spot Bitcoin ETFs
Based on insider reports, ASX Ltd., a significant figure in Australian equity trading markets, is anticipated to approve the launch of the nation’s inaugural spot-Bitcoin Exchange-Traded Funds (ETFs) on its primary board by the close of 2024. The unidentified sources shared this news while maintaining anonymity due to the sensitive nature of the information.
Based on the information provided,
As the head of digital assets at BetaShares, I, Justin Arzadon, underline the significance of the increasing inflow of funds into the US market as evidence of the growing demand for digital assets. Moreover, we have set aside ASX tickers in readiness for launching spot-Bitcoin and spot-Ether ETFs, demonstrating our dedication to broadening our presence in the digital asset sector. However, it’s important to note that the Australian Securities Exchange (ASX) will be meticulously examining the token custody arrangements before granting any approval.
As a researcher studying the current trends in digital asset investment, I’ve observed an impressive surge in popularity for Bitcoin Exchange-Traded Funds (ETFs) based in the United States. These funds have amassed a significant total of $53 billion in assets this year alone, with major financial institutions like BlackRock Inc. and Fidelity Investments leading the charge. Moreover, I’ve learned that starting Tuesday, Bitcoin and Ether investment funds will become available for trading in Hong Kong.
Tapping The $2.3 Trillion Pension Market In Australia
According to recent news, Bitcoin ETF providers are reportedly aiming to draw investments from Australia’s substantial $2.3 trillion pension fund sector.
Around 25% of a country’s retirement savings are kept in personal superannuation plans, which enable individuals to make their investment choices. According to Jamie Hannah, the deputy head of investments and capital markets at VanEck Australia, these plans might consider investing in crypto index funds as potential buyers.
Hannah explained that by adding self-managed super funds, brokers, financial advisers, and platform money into the equation, there is a substantial market available for expansion of the ETF’s size.
I’ve come across instances where Australian-based exchange-traded funds (ETFs) attempting to track the price of Bitcoin have emerged before. In fact, back in 2022, Cosmos Asset Management introduced a spot Bitcoin ETF in Sydney. Unfortunately, due to insufficient inflows, they eventually decided to delist it. However, another Bitcoin ETF, Global X 21Shares, which also launched that year, has managed to amass over $62 million in assets under management.
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2024-04-29 10:05