First Bitcoin ETF to launch in Australia in 2024: Bloomberg
The Australian Stock Exchange (ASX), which accounts for most of Australia’s trading volume, is expected to approve Australia’s first ASX spot Bitcoin ETF before the end of 2024, Bloomberg recently reported, citing unnamed sources familiar with the matter. .
BREAKING NEWS: 🇦🇺 Australia approves the position #Bitcoin ETFs before the end of 2024: Bloomberg pic.twitter.com/pK7XadHhto
— Bitcoin Magazine (@BitcoinMagazine) April 29, 2024
According to Bloomberg, two institutions, Cosmos Asset Management and 3iQ, have already applied for spot Bitcoin ETFs through the ASX, while VanEck Australia is working on submitting its application.
Earlier this month, Australia-based asset manager Monochrome also applied for a spot Bitcoin ETF on rival exchange Cboe Australia.
This possible launch follows the approval of major spot Bitcoin ETFs in the United States and Hong Kong. Last January, the SEC approved several U.S. spot Bitcoin ETFs, which attracted more than $200 billion in trading volume in just three months.
Meanwhile, Hong Kong’s first spot Bitcoin ETF is set to begin trading tomorrow after receiving regulatory approval last week.
The success of spot Bitcoin ETFs in these major financial hubs prompted Australia to follow suit. With the ASX expected to approve a spot Bitcoin ETF by the end of the year, Australia is positioning itself to benefit from a surge in demand.
This is a significant milestone for Bitcoin adoption in Australia and reflects the growing acceptance of Bitcoin’s investment advantages. With more countries following the U.S. in approving spot Bitcoin ETFs, this could further strengthen Bitcoin’s validity and force further uptake around the world.
