After the United States and Hong Kong, Bitcoin spot ETFs could soon arrive on Australia’s largest stock exchange. Is this a first? Let’s find out more.

New Bitcoin spot ETFs expected in Australia this year

Interest in Bitcoin spot ETFs is growing in the cryptocurrency ecosystem, led by the United States and now Hong Kong. According to the latest Bloomberg report, Australia is now anticipating a new wave of launches.

However, this isn’t unprecedented in the sense that Australia had previously accepted Bitcoin spot ETFs. In 2022, Cosmos Asset Management launched on CBOE Australia but ended the product within the year due to lack of interest.

Nevertheless, the ETFs in question today would be a first because they would be listed on the Australian Securities Exchange (AXS), the country’s largest stock exchange. The board of the exchange is reportedly set to approve the first ETFs this year, according to anonymous sources familiar.

Among the candidates are VanEck, which formalized its application last month, and BetaShares Holding, which also plans to launch a spot ETF for ETH. Justin Arzadon, head of digital assets at BetaShares, believes that the volumes recorded on US ETFs “prove that digital assets are here to stay.”

Jamie Hannah, VanEck Australia’s deputy head of investments, sees a market large enough for this ETF to reach adequate size. He believes this product has strong potential.

At the time of writing, BTC is trading at $62,400, down 2.3% over 24 hours.

Source : Bloomberg