Two Bitcoin (BTC)-linked exchange-traded funds (ETFs) launched in Australia in June, following six Bitcoin and Ethereum (ETH) ETFs launched in Hong Kong in late April. The cryptocurrency ETF market is starting to take shape, and the race for market share between Australia and Hong Kong appears to be heating up. 🏁

On June 4, Monochrome Asset Management became the first and only Australian ETF to directly own Bitcoin. The second was VanEck, which launched its product as a sub-fund of its US version on the Australian Securities Exchange (ASX) on June 20. Several other companies have applications pending.

All of these ETFs are offered on international exchanges where there is reasonable availability, depending on the platform they use. But the real prize is the Asian market.

ETF providers in both jurisdictions have expansionary plans for the long term. At least one Australian provider, Monochrome, is targeting the broader Asian market - countries where local institutions likely won't be able to generate enough volume to justify the cost of launching and maintaining a standalone product. For Hong Kong, the ultimate goal is to attract the huge market of mainland China.