Australia’s 2.3T superannuation market is seen as a potential driver of cryptocurrency ETFs

  • The number of Bitcoin ETFs in Australia is expected to surge, similar to what has happened in the United States and Hong Kong.
  • Issuers such as VanEck and BetaShares have filed applications to list Bitcoin ETFs.
  • Australia's $2.3 trillion superannuation market is likely to drive ETF inflows as individuals choose to invest.

Australia is expected to witness a surge in Bitcoin exchange-traded fund (ETF) issuances, similar to developments in the United States and Hong Kong. According to Bloomberg, companies such as Van Eck Associates and BetaShares Holdings are preparing to list Bitcoin spot ETFs.

People familiar with the matter pointed out that ASX Ltd., which is responsible for about 80% of the country’s stock trading, is expected to approve the first Bitcoin spot ETF for the main board by the end of 2024.

In an interview, BetaShares confirmed its efforts to launch a product on the ASX. In addition, another local competitor, DigitalX Ltd., disclosed in its half-year results in February that it had applied to list a Bitcoin ETF. Likewise, VanEck, known for making similar investments in the United States and Europe, resubmitted its ETF application in February.

Notably, the move comes after U.S. Bitcoin accumulated a staggering $53 billion…

The post Australia’s $2.3T superannuation market seen as a potential driver of cryptocurrency ETFs appeared first on Coin Edition.

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