Australia’s main stock exchange, the Australian Securities Exchange (ASX), is expected to approve multiple spot Bitcoin exchange-traded funds (ETFs) before the end of the year. Following the approval of similar ETFs in the United States and Hong Kong, Bitcoin ETF applications from VanEck Australia and BetaShares, an ETF-focused fund manager, are likely to be approved, sources familiar with the matter report.

Local firm DigitalX Ltd had previously submitted an application as well, increasing the number of spot Bitcoin ETF applications in Australia. This follows the success of eleven products in the United States, accumulating a total of $53 billion in assets under management.

Justin Arzadon, the head of digital at BetaShares, mentions that the success of U.S.-based products has given them confidence to launch similar products in Australia and validate the presence of digital assets in the market. Jamie Hannah, deputy head of investments and capital markets for VanEck Australia, sees self-managed super funds, brokers, financial advisers, and platform money as a significant market for spot-crypto funds.

Australia’s $2.3 trillion pension market is expected to drive inflows into these new ETFs, with about a quarter of the country’s retirement assets held in self-managed superannuation programs. This new wave of spot Bitcoin ETF applications is a second attempt in Australia, with initial listings on the country’s junior bourse two years ago. Despite some previous funds struggling with inflows or being delisted, issuers remain hopeful about the potential of ASX listings.