Crypto NewsBitcoinAfter the USA and Hong Kong, Another Country is Preparing to Launch...

After the USA and Hong Kong, Another Country is Preparing to Launch Bitcoin ETFs!

After the United States and Hong Kong, another country is preparing to allow Bitcoin exchange-traded funds (ETFs).

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Australia is poised for a jump in Bitcoin exchange-traded fund (ETF) launches, following the momentum set by the United States and Hong Kong.

Australia Prepares for Bitcoin ETF Wave Amid Global Volatility

Among them are Van Eck Associates Corp. Major players in the industry, including BetaShares Holdings Pty, are preparing to introduce Bitcoin ETFs on Australia's main stock exchange.

ASX Ltd, which dominates about 80% of the country's equity trading, is expected to greenlight the first spot-Bitcoin ETFs for main board by the end of 2024, according to officials familiar with the matter.

This move comes from BlackRock Inc. It follows the surprising success of Bitcoin ETFs in the US, which have raised a total of $53 billion in assets under management this year, with offerings from financial giants such as Fidelity and Fidelity Investments.

Sydney-based BetaShares is actively working to launch a Bitcoin ETF product on the ASX, with dedicated labels for both spot-Bitcoin and spot-Ethereum ETFs.

Similarly, DigitalX Ltd. had already submitted an application, while VanEck resubmitted its application earlier this year.

Justin Arzadon, head of digital assets at BetaShares, emphasized the importance of inflows into the US, stating that they prove that “digital assets are here to stay.”

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He added that Australia's self-managed super pension schemes, which make up a significant portion of the country's $2.3 trillion superannuation market, could provide significant inflows into spot crypto funds.

VanEck Australia's vice president of investment and capital markets, Jamie Hannah, highlighted the potential for self-managed super funds, brokers, financial advisors and platform money to contribute to the growth of ETFs in Australia.

The move towards Bitcoin ETFs in Australia marks the second wave of such launches, following the first listings on CBOE Australia two years ago. Although some funds have closed due to insufficient inflows, industry players remain optimistic about the prospects.

*This is not investment advice.

Buradaki Yorumlardan Bildirim Al

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