2024

United

Bitcoin

Spot

<div class="intro-text"> 
 Australia’s primary stock exchange, the Australian Securities Exchange (ASX), could approve several spot Bitcoin exchange-traded funds (ETFs) by year-end<a href="https://www.bloomberg.com/news/articles/2024-04-28/bitcoin-btc-etf-bandwagon-heads-to-australia-after-53-billion-haul-in-us">, according to a report from Bloomberg.</a> 
</div> 
Following in the footsteps of fund issuers in the <a style="color: #0000ff;" href="https://defi-planet.com/2024/01/u-s-sec-greenlights-spot-bitcoin-etps-after-11-years-and-20-rejections/">United States</a> and <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/hong-kong-set-to-welcome-crypto-spot-etfs-as-three-issuers-secure-regulatory-approvals/">Hong Kong</a>, Bitcoin ETF applications from VanEck Australia and local ETF-focused fund manager BetaShares are expected to secure approval, as the report claims, citing anonymous sources familiar with the matter. 
DigitalX Ltd, another local firm, had previously <a style="color: #0000ff;" href="https://www.listcorp.com/asx/dcc/digitalx-limited/news/half-yearly-report-and-accounts-2999210.html">announced</a> in its half-year results in February that it had submitted an application. 
This increase in spot Bitcoin ETF applications follows the successful approvals in the United States, where eleven separate products have amassed a total of $53 billion in assets under management (AUM), <a style="color: #0000ff;" href="https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-netflow-total?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=column">according to data CryptoQuant</a>. 
“The considerable inflows into U.S.-based products have provided the confidence to launch the products in Australia and ‘prove digital assets are here to stay,'” said Justin Arzadon, the head of digital at BetaShares, <a href="https://www.bloomberg.com/news/articles/2024-04-28/bitcoin-btc-etf-bandwagon-heads-to-australia-after-53-billion-haul-in-us">per the Bloomberg report.</a> 
Jamie Hannah, deputy head of investments and capital markets for VanEck Australia, reportedly noted that these self-managed super funds, along with brokers, financial advisers, and platform money, constitute a sizable addressable market for spot-crypto funds. 
According to the report, Australia’s $2.3 trillion pension market is expected to play a significant role in driving inflows into these new ETFs. Approximately one-quarter of the country’s retirement assets are held in self-managed superannuation programs, which allow individuals to choose their own investments. 
RELATED:&nbsp; 
<a style="color: #0000ff;" href="https://defi-planet.com/2024/02/south-koreas-ruling-party-pledges-to-permit-spot-bitcoin-etfs-as-general-elections-approach/">South Korea’s Ruling Party Pledges to Permit Spot Bitcoin ETFs As General Elections Approach</a> 
<a style="color: #0000ff;" href="https://defi-planet.com/2024/03/stakeholders-in-hong-kong-crypto-industry-calls-for-expedited-launch-of-spot-etfs-amid-global-demand-surge/">Stakeholders in Hong Kong Crypto Industry Calls for Expedited Launch of Spot ETFs Amid Global Demand Surge</a> 
This latest wave of spot Bitcoin ETF applications is a second attempt in Australia, following initial listings on CBOE Australia, the country’s junior bourse, two years ago. While some of these earlier funds, such as those launched by Cosmos Asset Management and Global X 21Shares, have struggled with inflows or have been delisted, issuers remain optimistic about the potential of the ASX listings. 
&nbsp; 
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/">CoinMarketCap Community</a>. 
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.” 
The post <a href="https://defi-planet.com/2024/04/australias-largest-stock-exchange-could-approve-spot-bitcoin-etfs-by-late-2024-bloomberg/">Australia’s Largest Stock Exchange Could Approve Spot Bitcoin ETFs by Late 2024 – Bloomberg</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Australia’s Largest Stock Exchange Could Approve Spot Bitcoin ETFs by Late 2024 – Bloomberg

DeFi Planet

Other articles published on Apr 29, 2024

Bitcoin (BTC) About to Face Biggest Challenge

Rune Transactions Witness Revenue Dip Post- Bitcoin (BTC) Halving

What Is MOG Coin & Its Relation To The Looksmaxxing Community

Analysis: What changes have occurred in the L1 Infra track in recent months?

Is GambleFi Going to Be a Big Trend in 2024? Here’s Gambling Cryptos Not to Miss

Will Hong Kong Crypto ETFs Outpace US on First Trading Day?

Join our free newsletter for daily crypto updates!