Australia is stepping up its game in the world of cryptocurrency with the imminent launch of spot Bitcoin ETFs. Following the success of similar products in the US and Hong Kong, Australia is now preparing for a wave of Bitcoin exchange-traded funds.
Get Ready for Bitcoin ETF
The Australian Securities Exchange (ASX) is set to approve the first spot Bitcoin ETFs on its main board before the end of 2024. This move comes after US Bitcoin ETFs raked in a massive $53 billion this year, signaling a growing interest in the digital asset.
Sydney-based BetaShares is already in the process of launching a product on the ASX, highlighting the growing acceptance of cryptocurrencies as a legitimate asset class. With funds directly investing in Bitcoin and Ether set to start trading in Hong Kong, the market is primed for significant growth.
As Australia’s $2.3 trillion pension market shows interest in the crypto space, VanEck and other issuers are optimistic about the potential for these spot ETFs to attract a wide range of investors. With self-managed super funds and individual investors looking to diversify their portfolios, the demand for spot ETFs is on the rise.
Join the Crypto Revolution
The second wave of spot Bitcoin ETF launches in Australia is gaining momentum, with players like Monochrome Asset Management and DigitalX Ltd. entering the playing field. With a focus on stringent custody measures and a belief in the long-term potential of cryptocurrencies, these issuers are confident in the success of their products.
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