Australia's top stock market operator, ASX Stock Exchange, is set to list its initial group of spot bitcoin exchange-traded funds (ETFs) by the end of 2024. This decision comes after significant interest from major companies like VanEck, BetaShares, and DigitalX. ASX, which oversees about 80% of local trades and has a market capitalization of $2.7 trillion, is actively working with issuers who are interested in ETFs based on crypto assets.
A representative from ASX has verified that they are currently in discussions with ETF issuers, but they have declined to provide additional details. Australian investors have been trading spot bitcoin ETFs since 2022 on CBOE Australia, where only two such funds are available.
In the United States, spot bitcoin ETFs were launched in January and now there are a total of 11 funds amounting to $53.16 billion in assets. Hong Kong is also gearing up for its first spot bitcoin and ether ETFs, which are expected to be officially listed on April 30 after receiving initial approval on April 15.
With Australia's ASX planning to list spot bitcoin ETFs by 2024, investors are anticipating a substantial increase in crypto adoption, along with continued global growth in this asset class.
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