According to Bloomberg, the Australian Securities Exchange (ASX) may approve a group of spot bitcoin ETFs by the end of 2024.

The report notes that several issuers, including VanEck and local firms BetaShares and DIGITALX, have already submitted their ETF applications earlier this year. DigitalX filed its documents in February, concurrently with VanEck re-filing its application. Meanwhile, Sydney-based BetaShares informed Bloomberg that it is actively preparing to launch a product on the ASX.

The ASX, Australia’s largest stock exchange handling about 80% of local trading, declined to provide detailed comments to the media. Similarly, the ASX is set to compete with Cboe Australia, which has been offering spot trading of both Bitcoin and Ethereum ETFs since 2022.

Rise of Bitcoin spot ETFs on the Asian continent

The momentum of spot bitcoin ETFs has gained traction in Asia following regulatory approvals in both the United States and Hong Kong.

The successful introduction of 11 spot Bitcoin ETFs in the US market this January, amassing over $53.16 billion in total net assets, has boosted investor interest in similar products in other regions like Asia.

Hong Kong, in particular, has emerged as a potential market for cryptocurrency investments in Asia, and the latest approval of the first batch of Bitcoin and Ether spot ETFs is a noteworthy development in the region’s financial landscape.

Although Hong Kong’s market is smaller than the United States’, the recent approval of six cryptocurrency ETFs underlines increasing acceptance of digital assets by investors and regulators alike.

In today’s volatile market, the introduction of spot Bitcoin ETFs in major financial centers provides a regulated path to the burgeoning cryptocurrency market, signaling an era of broad adoption and integration into mainstream investment portfolios.