Australia set to debut spot Bitcoin ETFs: report

According to Bloomberg, Australia is preparing to launch the first spot Bitcoin Exchange Traded Funds (ETFs) by the end of 2024.

Firms such as Monochrome Asset Management and BetaShares are awaiting approval from the Australian Securities Exchange (ASX) and Cboe Australia.

Unnamed sources cited by Bloomberg suggest applications from VanEck Australia and BetaShares are likely to be approved, and Monochrome Asset Management is also seeking authorization for its smaller Cboe Australia-listed ETF.

The launch of Bitcoin ETFs will offer Australian investors a regulated and secure investment vehicle for those interested in digital assets.

This comes as global demand for spot crypto ETFs is on the rise, with various countries and exchanges looking for ways to incorporate cryptocurrencies such as Bitcoin and Ethereum into traditional investment portfolios.

Similar funds were launched in the United States earlier this year and have attracted significant investment since then.

Bitcoin and Ethereum ETFs in Hong Kong are scheduled to begin trading on April 30.