đ Australia's major stock exchange, ASX, is poised to approve several spot Bitcoin exchange-traded funds (ETFs) by the end of 2024.
đ 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. đŒ
đ BetaSharesâ 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. đ°
đĄ 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.
đĄïž 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.
đ Despite challenges with the ASX, Yew remains optimistic about Cboe Australia approving Monochromeâs application in the coming weeks. đ
