Key Points:
BetaShares, headquartered in Sydney, is actively working towards launching a product on the Australian Securities Exchange, according to a spokesperson. DigitalX Ltd., another local player, confirmed its application in its half-year results in February.
Justin Arzadon, head of BetaShares’ digital assets division, emphasized the significance of the inflow of funds from the United States, underscoring the enduring relevance of digital assets. Arzadon also revealed that the company has reserved ASX stock codes for spot Bitcoin and spot Ethereum ETFs.
The move comes amidst the success of US Bitcoin ETFs, which amassed a staggering $53 billion this year alone, including offerings from industry giants like BlackRock Inc. and Fidelity Investments. Meanwhile, Hong Kong is set to begin trading funds investing directly in Bitcoin and Ether.
The previous attempts of Australian Bitcoin ETFs saw two offerings debut on CBOE Australia in 2022, though one was subsequently delisted. Currently, the Global X 21Shares Bitcoin ETF stands as the sole spot Bitcoin ETF in the country, boasting approximately $62 million in assets under management, issued jointly by 21Shares and Global X ETFs in 2022. While Cosmos Asset Management also launched a spot Bitcoin ETF in 2022, it faced delisting due to low inflows.
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