Australia’s Biggest Stock Exchange May List Approved Spot Bitcoin ETFs by 2024 End: Report

Jimmy Aki
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Australia’s ASX stock exchange is set to list its first batch of approved spot Bitcoin exchange-traded funds (ETFs) by the end of 2024, according to an exclusive report on April 28.

This development follows the successful launch of Bitcoin ETFs in the U.S. and upcoming listings in Hong Kong.

BetaShares, DigitalX, and VanEck Submitted Spot Bitcoin ETFs Applications

Anonymous sources familiar with the matter informed Bloomberg that several issuers, including VanEck and local firms BetaShares and DigitalX, have already submitted their ETF applications earlier this year.

The Australian Securities Exchange (ASX) oversees approximately 80% of local trades and boasts a domestic market capitalization of $2.72 trillion as of March 2024.

Spot Bitcoin ETF trading began in Australia in 2022 and is currently available on CBOE Australia. The only two spot crypto funds in the country, according to its website, are the Global X 21Shares Bitcoin and Ethereum ETFs.

In contrast, spot crypto ETFs were first approved in the U.S. by the Securities and Exchange Commission (SEC) on January 10, 2024. Since their launch, the 11 spot Bitcoin funds in the U.S. have accumulated $53.16 billion in total net assets, exceeding initial expectations.

In a post on X, Bloomberg’s senior ETF analyst Eric Balchunas watered down on expectations earlier this month regarding the Hong Kong ETF market forecast of 25 $billion, as he cautioned enthusiasts not to “expect a lot of flows.”

 

 

The U.S. has only approved spot Bitcoin ETFs, with Grayscale’s Bitcoin Trust (GBTC) holding the longest streak of outflows in ETF history, but Hong Kong has approved spot Bitcoin and Ether ETFs. Therefore, Balchunas clarified that his prediction of $500 million in total assets under management (AUM) covers both Hong Kong’s Bitcoin and Ether ETFs.

Monochrome Gears Up for Australia’s Spot Bitcoin ETFs Race

Australia-based Monochrome Asset Management announced on April 5, 2024, that it has applied for a spot Bitcoin ETF with the listing exchange, Cboe Australia.

If approved, the Monochrome Bitcoin ETF could be Australia’s first spot Bitcoin ETF, allowing direct holding of Bitcoin. While Australia already has two exchange-traded products (ETPs) providing exposure to spot crypto assets on Cboe Australia, they do not hold Bitcoin directly.

The Monochrome Bitcoin ETF is a flagship product of the firm. It could have also been listed with Cboe Australia’s larger rival, ASX exchange, where larger volumes are available.

However, the firm selected Cboe Australia as the listing platform for its Bitcoin ETF because it aligns with its strategic goals to work with a market operator with an established reputation, strategic position, expertise across Asia, and broader investor access.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.