The Australian Stock Exchange (ASX), which accounts for the majority of trading volume in Australia, is expected to approve the country's first spot bitcoin ETFs on the ASX before the end of 2024, according to a recent bitcoin–btc-etf-bandwagon-heads-to-australia-after-53-billion-haul-in-us”>Bloomberg Report citing anonymous sources familiar with the matter.
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BREAKING NEWS: Australia will approve the location twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF before the end of 2024: Bloomberg pic.twitter.com/pK7XadHhto
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1784871541609582631?ref_src=twsrc%5Etfw”>April 29, 2024
Two entities, Cosmos Asset Management and 3iQ, have already applied for spot bitcoin ETFs with the ASX, while VanEck Australia is working to submit its application, according to Bloomberg.
Earlier this month, Australia-based asset manager Monochrome also filed for a spot bitcoin ETF with rival exchange Cboe Australia.
The potential launch follows major spot bitcoin ETF approvals in the US and Hong Kong. In January, the SEC approved several US spot bitcoin ETFs, attracting more than $200 billion in volume in just three months.
Meanwhile, Hong Kong's first spot bitcoin ETF will begin trading tomorrow after receiving regulatory approval last week.
The success of spot bitcoin ETFs in these major financial centers has led Australia to follow suit. With the ASX expected to approve spot bitcoin ETFs by the end of the year, Australia is positioning itself to benefit from growing demand.
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This is a major milestone for bitcoin adoption in Australia and reflects the growing acceptance of bitcoin's investment merits. As more countries approve bitcoin spot ETFs, following the US, bitcoin is further validated and could drive additional adoption around the world.
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