The Australia Securities Exchange (ASX) plans to approve a series of spot Bitcoin ETFs by the end of 2024.
According to Bloomberg, ASX Ltd., which controls about 80% of the country’s financial securities trading, is expected to approve the first spot Bitcoin ETFs by the end of the year.
Several companies in the financial sector, including Van Eck Associates Corp. and BetaShares Holdings Pty, are actively planning the potential launch of such products, awaiting approval from the Australia Securities Exchange.
Justin Arzadon, head of digital assets for BetaShares, stated:
“The inflows into the US digital assets market prove that digital assets are here to stay.”
The potential of the pension market
The introduction of spot Bitcoin ETFs could impact the Australian pension market, currently estimated at around $2.3 trillion. Approximately 25% of Australian pension assets are managed through “self-managed programs” that allow participants to choose their investments. According to Jamie Hannah, deputy head of investments and financial markets for VanEck Australia, such programs could represent a solid base of buyers for new financial products on Bitcoin.
