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Australia’s $2.3T Pension Market Seen as Potential Driver for Crypto ETFs

Published 04/29/2024, 02:29 PM
Updated 04/29/2024, 02:45 PM
Australia’s $2.3T Pension Market Seen as Potential Driver for Crypto ETFs

  • Australia is expected to see a surge in Bitcoin ETFs mirroring the U.S. and Hong Kong.
  • Issuers like VanEck and BetaShares have submitted applications to list Bitcoin ETFs.
  • Australia’s $2.3 trillion pension market may drive ETF inflows as individuals can choose investments.

Australia is poised to witness a surge in Bitcoin exchange-traded fund (ETF) launches, mirroring developments in the U.S. and Hong Kong. According to a Bloomberg report, firms like Van Eck Associates and BetaShares Holdings are gearing up to list Bitcoin spot ETFs.

Sources familiar with the matter noted that ASX Ltd., responsible for roughly 80% of the country’s equity trading, is anticipated to greenlight the first Bitcoin spot ETFs for the main board by the end of 2024.

In an interview, BetaShares confirmed its efforts to launch a product on the ASX. Also, DigitalX Ltd., another local contender, disclosed in its half-year results in February that it had applied to list a Bitcoin ETF. Likewise, VanEck, known for similar investments in the U.S. and Europe, also refiled an ETF application in February.

Notably, this move follows the staggering $53 billion accumulated by the U.S. Bitcoin…

The post Australia’s $2.3T Pension Market Seen as Potential Driver for Crypto ETFs appeared first on Coin Edition.

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