Australia's ASX stock exchange is expected to list the first batch of approved spot Bitcoin exchange-traded funds (ETFs) by the end of 2024. This information comes from sources familiar with the situation.

ASX and Cryptocurrency ETFs

The ASX is Australia's primary equity exchange, handling around 80% of local trades with a domestic market capitalization of $2.7 trillion as of March. VanEck, BetaShares, and DigitalX are among the issuers that have already submitted their ETF applications.

A spokesperson for the ASX mentioned that the exchange is in talks with various issuers interested in offering crypto asset-based ETFs but did not provide further details.

Global Landscape of Cryptocurrency ETFs

Australian investors have been trading spot Bitcoin ETFs since 2022 on CBOE Australia, with Global X 21Shares Bitcoin and Ethereum ETFs being the only spot crypto funds in the country.

In the U.S., spot Bitcoin ETFs were introduced in January, with 11 funds amassing $53.16 billion in total net assets, surpassing expectations.

Hong Kong is also set to list its first batch of spot Bitcoin and Ether ETFs with six funds receiving initial approval on April 15 and will be officially listed on April 30. This development, although smaller in scale compared to the U.S., is seen as a positive step for the crypto industry.