Australia is getting ready to launch its first Bitcoin exchange-traded funds (ETFs) as the cryptocurrency market experiences a bullish trend. Following the lead of the US and Hong Kong, major issuers like Van Eck Associates and BetaShares Holdings are getting ready to list their ETFs.

The Australian Securities Exchange (ASX), a key player in the country's equity trading, is expected to approve the first Bitcoin ETFs for its main board by the end of 2024. This decision comes after the success of US Bitcoin ETFs, which have attracted over $50 billion since their launch in January with contributions from significant players like BlackRock and Fidelity Investments.

As Bitcoin recently reached nearly $74,000, Australian issuers are keen on meeting the growing demand for crypto investment opportunities. Firms like BetaShares and DigitalX Ltd. are actively pursuing ETF launches on the ASX, while VanEck has also shown strong interest by resubmitting its application.

These upcoming ETF launches represent the second wave of Bitcoin ETFs in Australia, following smaller-scale listings two years ago on CBOE Australia.