Key Insights
- The Australian Securities Exchange is expected to list its first batch of spot bitcoin ETFs by the end of 2024.
- Several issuers, including VanEck, BetaShares, and DigitalX, have already submitted applications for spot crypto ETFs on the ASX.
- The launch of spot bitcoin ETFs on the ASX follows similar moves in the U.S. and Hong Kong, reflecting growing investor demand for crypto exposure.
SYDNEY (MarketsXplora) – The Australian Securities Exchange (ASX) is expected to list its first batch of spot bitcoin exchange-traded funds (ETFs) by the end of 2024, Bloomberg News reported on Monday, citing people familiar with the matter.
Several issuers including VanEck, BetaShares and DigitalX have already submitted applications to launch spot crypto ETFs on the ASX earlier this year, the report said.
An ASX spokesperson confirmed to MarketsXplora that the exchange “continues to engage with a number of issuers” interested in listing crypto asset-based ETFs, but declined to comment further.
The ASX is Australia’s primary stock exchange, accounting for around 80% of equity trading with a domestic market capitalization of A$3.7 trillion ($2.7 trillion) as of March.
While investors in Australia have been able to trade spot bitcoin ETFs listed on the CBOE Australia exchange since 2022, the Global X 21Shares Bitcoin and Ethereum ETFs are currently the only two such crypto funds available locally, according to fund data.
Spot crypto ETFs made their U.S. debut in January and the 11 spot bitcoin funds listed so far have amassed a combined $53.16 billion in net assets, exceeding pre-launch estimates.
Read also! Australia’s ASX launches first bitcoin ETF
As MarketsXplora earlier reported, Hong Kong is also set to list its first batch of six spot bitcoin and ether ETFs on April 30 after receiving initial approvals earlier this month, marking a significant development for the digital asset sector.
Analysts see strong demand for spot crypto ETFs which allow investors to gain exposure to the underlying assets rather than derivatives, supporting hopes of a successful launch on the ASX, one of the world’s major bourses.