Sydney. New South Wales. Australia. The Opera House - Date: 23 - 08 - 2023
The Australian Securities Exchange (ASX), the country’s largest stock exchange, is likely to give the green light to several spot Bitcoin exchange-traded funds (ETFs) by the end of 2024.
According to insiders familiar with the matter cited by Bloomberg, applications from VanEck Australia and local ETF-focused fund manager BetaShares are expected to be approved soon, following the trend set by approvals in the United States and Hong Kong.
The surge in applications for spot Bitcoin ETFs mirrors the success seen in the U.S., where such products have attracted over $53 billion in assets under management across eleven different offerings. This success has bolstered confidence in the Australian market, affirming the permanence of digital assets, as noted by BetaShares’ head of digital, Justin Arzadon.
Jeff Yew, CEO of crypto asset management firm Monochrome, predicts significant interest in Australian spot Bitcoin ETFs, estimating potential inflows of $3 billion to $4 billion within the initial three years. He highlights the demand from fund managers seeking exposure to Bitcoin, as well as from self-managed super fund (SMSF) investors and retail traders.
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Yew emphasizes the risks associated with SMSF investors holding direct exposure to Bitcoin on crypto exchanges, citing concerns of instability. Bitcoin ETFs offer a regulated and safer alternative for these investors, aligning with the Australian Taxation Office’s data showing over $1 billion of crypto holdings on exchanges, predominantly from SMSFs.
Monochrome initially applied for a spot Bitcoin ETF with the ASX in July 2023 but later shifted to Cboe Australia due to delays in the approval process. Yew attributes this move to Cboe’s more efficient timeframe and transparent listing procedures, reflecting challenges faced by the ASX amid regulatory constraints.
Despite the switch, Yew anticipates approval from Cboe Australia in the coming weeks, signaling ongoing momentum for Bitcoin ETFs in the Australian market.
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