Australia is preparing for significant Bitcoin ETF launches in 2024


Reportedly the Australian financial regulators are in talks to approve the first Bitcoin spot ETF product by the end of this year.

Currently, 11 Bitcoin spot ETF products are available in the US. In Jan of this year, the United States Securities and Exchange Commission (SEC) approved these applications. Following the start of trading of Bitcoin spot ETF products, many big investors showed significant Inclination toward Bitcoin. Notably, the trading of these ETFs reached 8.4% of total U.S. ETF volume on 28 February.

Following the approval of BTC ETF in the US & Hong Kong, Australian players are also looking to bring their native Bitcoin spot ETF, before the end of this year. 

Latest local media reports confirmed that ASX Ltd, Australia’s primary securities exchange, is considering approving its first spot Bitcoin ETFs. 

Sources close to the matter said that these approvals could be possible before the end of this year. 

The majority of the experts called the Bitcoin spot ETF’s future entry into the financial sector of Australia a very big move because the nation’s robust $2.3 trillion pension sector could be pivotal in sustaining inflows into these new financial instruments. 

According to the Bloomberg report,  nearly a quarter of the nation’s retirement assets are held in self-managed superannuation funds.

Since Jan 2024 to date, US Bitcoin ETFs have accumulated an impressive $53 billion in assets. And people said that Australia is going to add some big figures in competition to US-based Bitcoin ETFs. 

On the negative side, some experts claimed that it will not be easy for fund managers to approve the first Bitcoin spot ETF product in Australia.

Hong Kong & Bitcoin spot ETF

On 15 April 2024, The Hong Kong regulatory bodies approved Bitcoin & Ethereum spot ETF applications. 

These approved ETF products will start trading on 30 April. The market of Hong Kong is very small for such ETF products but still, people are optimistic about the ETF’s contribution to the money inflow in the Bitcoin market.

Read also: Bitcoin investors are expecting a big rally in BTC price, as Fed Res heading toward interest rate decision