Australia’s superannuation market could fuel Bitcoin ETF inflows.
The Australian Securities Exchange (ASX) is set to list the first spot Bitcoin exchange-traded funds (ETF) by late 2024, Bloomberg reported today, citing unnamed sources familiar with the matter.
The ASX handles about 80% of equity trading in Australia, per Bloomberg. Issuers including VanEck and BetaShares are queuing up to list on the exchange.
According to Justin Arzadon, head of digital assets at BetaShares, huge inflows from the United States “demonstrates that digital assets are here to stay.”
DigitalX, an Australian-based investment and technology company, also announced in its half-year report that it had lodged an ETF application . Bloomberg noted that VanEck, which offers similar ETFs in the U.S. and Europe, resubmitted its application in February.
U.S. spot Bitcoin ETFs have amassed $53 billion in assets under management this year. Meanwhile, direct Bitcoin and Ether funds are set to begin trading in Hong Kong on Tuesday.
Another reason for the rush is Australia’s $2.3 trillion superannuation market, which could provide a major source of inflows for ETFs.
