Spot Bitcoin ETF is on its way to the Australian market as the country’s ASX Exchange is on track to list approved offerings by the end of this year. As reported by Bloomberg, this year might be the time a native Aussie bourse joins the spot Bitcoin ETF bandwagon.
Australia Does Not Plan Sitting on The Sidelines
This year opened with the United States getting the spot ETF product approved by the Securities and Exchange Commission (SEC). The success of the product thus far has stirred Hong Kong to also approve the product with trading slated to commence on April 30.
With the yearnings of investors around the world remaining the same, Australia’s ASX Stock Exchange is finally ready to give the product a try. Per reports, ASX Exchange has maintained communication with prospective issuers. These issuers include VanEck, BetaShares and DigitalX with more likely to join the list.
The broader Australian market is not new to spot Bitcoin ETFs. However, the first approved offerings from 2022 trades on Cboe Australia. Should ASX Exchange finally list the offering, it will mark a more legitimate boost for the asset class.
Impact on Global Spot Bitcoin ETF Market
Notably the ASX Stock Exchange may be a smaller trading outfit compared to the NYSE. However, it boasts of a domestic market cap of $2.7 trillion which might benefit the global spot Bitcoin ETF market.
The United States spot BTC ETF market has recorded more than $53 billion since inception. With Hong Kong and Australia set to join, more financial powerhouses will gain access to Bitcoin in a legitimate way.
Bitcoin is bound to benefit in the end. With the Bitcoin halving event already slashing the supply rate of BTC, this ETF adoption will boost demand, fueling a supply crunch. In the end, the price of Bitcoin is expected to soar in the long term.
At the time of writing, Bitcoin is changing hands for $62,226.7, down 2.4% in 24 hours.
