Bitcoin ETF

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The Australian Securities Exchange (ASX) is expected to approve for listing this year spot Bitcoin ETFs (exchange-traded funds), Bloomberg reported, citing persons familiar with the matter.
Two Bitcoin ETF applications have already been submitted, with a third application in progress, the Bloomberg story said.
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 Australia is set for a wave of Bitcoin ETF launches this year, following in the footsteps of the US and Hong Kong, as issuers like VanEck and BetaShares line up for listings <a href="https://t.co/tVRBCUYonl" rel="noopener noreferrer nofollow">https://t.co/tVRBCUYonl</a>
 — Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1784720358693618007?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 28, 2024</a>
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The two applications are from VanEck Australia and BetaShares, a local ETF-focused fund manager.
Spot Bitcoin ETFs in Australia could bring inflows of anywhere from $3 billion to $4 billion within the first three years of approval, Jeff Yew, CEO of fund manager Monochrome, told CoinTelegraph.
ASX is Australia’s dominant stock exchange, accounting for about about 80% of the country’s local trades. As of March, ASX had a domestic <a href="https://www.asx.com.au/about/market-statistics/historical-market-statistics" rel="noopener noreferrer nofollow">market capitalization</a> of $2.7 trillion.
Yew’s Monochrome is also in the race for approval of a spot BTC ETF. It first applied to ASX in July last year, but then switched to the much smaller Cboe Australia.
Bitcoin ETF approvals in Australia would see it following in the foot steps of the US and, more recently, Hong Kong, where Bitcoin and Ethereum ETFs were due to begin trading today, April 29, and to list on the Hong Kong Stock Exchange as soon as Tuesday.
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 🕒 Good afternoon, April 29, 2024
 📢 Industry News:
 Hong Kong's Virtual Asset Spot ETF saw its debut today, set to officially list on the Hong Kong Stock Exchange tomorrow. Australia plans to approve a Bitcoin Spot ETF by year-end. Bitcoin exchange balances hit a six-year low.…
 — Chenge (@LingChennC) <a href="https://twitter.com/LingChennC/status/1784870738530652389?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 29, 2024</a>
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Hong Kong’s approval and imminent launch is a significant development for crypto as it showcases growing adoption. While it’s a smaller market than the US, it is arguably still Asia’s leading financial center.
<h3 id="also-read">Also Read:</h3>
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 <li><a href="https://insidebitcoins.com/news/hong-kong-sets-stage-for-cryptocurrency-expansion-with-new-etf-approvals" rel="noopener noreferrer nofollow">Hong Kong Sets Stage for Cryptocurrency Expansion with New ETF Approvals</a></li>
 <li><a href="https://insidebitcoins.com/news/chinas-harvest-may-be-first-fund-manager-to-launch-a-spot-bitcoin-etf-in-hong-kong-later-this-month" rel="noopener noreferrer nofollow">China’s Harvest May Be First Fund Manager To Launch A Spot Bitcoin ETF In Hong Kong Later This Month</a></li>
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Australian Securities Exchange Gears Up To List Spot Bitcoin ETFs This Year

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