Australia’s largest stock exchange, the Australian Securities Exchange (ASX), might give the green light to several Bitcoin ETFs by year-end. According to anonymous sources familiar with the matter, applications from VanEck Australia and local ETF specialist BetaShares are in the pipeline for approval.
As a researcher, I’ve been closely monitoring the developments at Australia’s leading stock market, the Australian Securities Exchange (ASX). Exciting news emerges as there’s a strong possibility that several Bitcoin (BTC) exchange-traded funds (ETFs) could be approved by the ASX before year-end.
Sources close to the matter have informed Bloomberg that VanEck Australia and BetaShares, two entities based in Australia, are anticipated to secure approval for their Bitcoin ETF applications before the end of this year. This follows the lead of fund issuers in the United States and Hong Kong.
Following the approval of Bitcoin ETFs in the US, which have amassed a total of $53 billion in assets under management (AUM) spread across eleven different products, there has been a surge in applications for spot Bitcoin ETFs.
As a researcher examining market trends, I’d note that substantial investments into U.S.-based products have bolstered the belief that these offerings can thrive Down Under. Justin Arzadon, the digital lead at BetaShares, echoes this sentiment, stating that launching such products in Australia serves to solidify the presence of digital assets within our market.
Jeff Yew, CEO of crypt asset management firm Monochrome, spoke with CryptoMoon about Australia’s significant interest in crypto. He forecasts that Australian Bitcoin Spot Exchange-Traded Funds (ETFs) will attract between $3 billion and $4 billion in investments over the initial three-year period.
Yew clarified that the major drivers of Bitcoin ETF demand would originate from fund managers aiming to invest in Bitcoin, in addition to Self-Managed Super Fund (SMSF) investors and a noteworthy group of retail investors.
Individuals with Self-Managed Super Funds (SMSFs) presently have Bitcoins in their possession via crypto exchanges, which he considers hazardous as it’s akin to having a “time bomb” dangling overhead, should these exchanges unexpectedly shut down.
As a crypto investor, I’d put it this way: “According to the Australian Taxation Office, more than a billion dollars worth of cryptocurrencies are being held on exchanges, with a significant portion coming from Self-Managed Super Fund (SMSF) investors.”
Investor Yew mentioned that Bitcoin ETFs offer a more secure way for investors to gain significant exposure to digital assets due to their heavy regulation.
Last year on July 14, Monochrome initially sought approval from the ASX for listing a Bitcoin ETF. However, due to a protracted review period at the ASX, they eventually changed their application to Cboe Australia instead.
“We made the change to Cboe as it provides a more accurate time schedule and a clearer listing procedure.”
As an analyst, I would put it this way: “I’ve noticed that the ASX has faced some hurdles recently with regulatory issues. It seems the market isn’t particularly eager to introduce new products at the moment.”
Yew still expects Cboe Australia to approve his firm’s application “within the next few weeks.”
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2024-04-29 08:56