Australia Nears Launch of First Spot Bitcoin ETFs Amid Growing Global Demand

Australia is poised to debut its first spot Bitcoin Exchange-Traded Funds (ETFs) by the close of 2024, as reported by Bloomberg. Companies such as Monochrome Asset Management and BetaShares are currently awaiting approval from the Australian Securities Exchange (ASX) and Cboe Australia for their ETF offerings. Sources cited by Bloomberg indicate that applications from VanEck Australia and BetaShares are expected to receive approval, while Monochrome Asset Management is also seeking authorization for its ETF, targeting the smaller Cboe Australia exchange. The introduction of Bitcoin ETFs would provide Australian investors with a regulated and secure avenue to access digital assets, aligning with the increasing global demand for spot crypto ETFs as conventional investment portfolios seek exposure to cryptocurrencies like Bitcoin and Ethereum.