ASX May Greenlight Spot-Bitcoin ETFs Before Year's End, Bloomberg Reveals

The Australian Securities Exchange (ASX), which accounts for 90% of Australia's equity market, is expected to approve the first spot-Bitcoin {BTC} exchange-traded funds (ETFs) before the end of 2024, Bloomberg has reported, citing people familiar with the matter.

Local entity, DigitalX Ltd. applied in February, the report said. VanEck resubmitted an application in February, it announced last month. Sydney-based BetaShares told Bloomberg it is working toward launching a product on the ASX.

Back in January, ASX said that it "does not comment on investment product applications" but that it "continues to engage with a number of issuers that are interested in admitting crypto-asset-based ETFs."

Momentum for Bitcoin ETFs in and around Asia has picked up after U.S. approvals. Hong Kong​ officially approved the first batch of spot bitcoin and ether ETFs last week.

Earlier this month, Australia-based Monochrome Asset Management applied for a spot bitcoin ETF with the global listing exchange, Cboe Australia, as reported. Cboe Australia is a smaller rival of ASX. At the time of the announcement, Monochrome said it selected Cboe Australia because of its expertise across Asia and broader investor access, among other aspects.

Source: CoinDesk