Australia Poised to Approve Bitcoin ETFs with ASX Leading the Way
Australia is poised to join the global trend of countries, including the US and Hong Kong, allowing their citizens to invest in Bitcoin exchange-traded funds (ETFs). The Australian Securities Exchange (ASX) is set to approve its inaugural batch of spot Bitcoin ETFs before the end of the year, with applications from major players like VanEck, BetaShares, and DigitalX.
The ASX, Australia’s largest equity exchange, boasts a domestic market capitalization of $2.7 trillion and over 2000 issuers. This move marks Australia’s second wave of Bitcoin ETFs, following a previous attempt in 2022 that saw offerings pulled from the market due to lackluster demand.
Despite past setbacks, issuers are optimistic this time around. Arian Neiron, CEO and Managing Director of VanEck Asia Pacific, noted a significant uptick in interest following the US SEC ruling on Bitcoin ETFs. He stated, “The demand for access to Bitcoin via a listed vehicle traded on ASX has been increasing, and many of our clients are already positioned to invest.”
Bitcoin ETFs have seen a surge in popularity since their launch in January, amassing $53 billion in assets under management. However, recent data shows a decline in inflows, with outflows exceeding $300 million over the past week. Market observers see this as a sign of waning investor enthusiasm, though there is hope for renewed interest in the future.
With the ASX set to approve Bitcoin ETFs and major players entering the market, Australia is poised to join the global movement towards cryptocurrency investment opportunities.
