📈 Australia's major stock exchange, ASX, is poised to approve several spot Bitcoin exchange-traded funds (ETFs) by the end of 2024.
🔍 VanEck Australia and BetaShares are among the fund issuers expecting approval, following similar moves in the US and Hong Kong. The surge in applications mirrors the success of US-based ETFs, which have amassed $53 billion in assets under management. 💼
📊 BetaShares’ head of digital, Justin Arzadon, sees the inflows into US ETFs as a catalyst for launching similar products in Australia, highlighting the enduring presence of digital assets. 💰
💡 Monochrome's CEO, Jeff Yew, anticipates Australian Bitcoin ETFs drawing in $3 billion to $4 billion in net inflows within three years, driven by demand from fund managers, SMSF investors, and retail investors.
🛡️ Yew emphasizes the regulatory oversight and safety afforded by Bitcoin ETFs compared to direct crypto exchange exposure, which he views as risky. Monochrome initially sought ASX approval for a Bitcoin ETF but shifted to Cboe Australia due to a more pragmatic timeline and transparent listing framework.
👍 Despite challenges with the ASX, Yew remains optimistic about Cboe Australia approving Monochrome’s application in the coming weeks. 📅
