Australia Pension Market Set to Boost Bitcoin ETF

Australia anticipates a surge in Bitcoin ETFs, with firms like VanEck and BetaShares vying to list on ASX, driven by the $2.3 trillion pension market potential.

Australia is on the brink of a cryptocurrency exchange-traded fund (ETF) boom, mirroring trends seen in the U.S. and Hong Kong. Companies such as Van Eck Associates and BetaShares Holdings are gearing up to introduce Bitcoin spot ETFs, following applications submitted to ASX Ltd. for listing on the main board by late 2024, sources revealed.

BetaShares confirmed its plans to launch a product on ASX, while DigitalX Ltd. and VanEck have also made strides in ETF applications. This move mirrors the success witnessed in the U.S., where Bitcoin spot ETFs amassed a staggering $53 billion in inflows this year.

Justin Arzadon, BetaShares head of digital assets, highlighted the industry robustness, citing significant inflows into U.S. ETFs as evidence of the enduring presence of digital assets. Meanwhile, ASX is in active discussions with multiple issuers interested in crypto ETFs, with Australia massive pension market potentially driving significant inflows.

With a quarter of Australia $2.3 trillion pension market allocated to self-managed superannuation programs, there ample potential for these programs to invest in spot-crypto funds, according to Jamie Hannah, deputy head of investments for VanEck Australia. This burgeoning market presents a promising opportunity for ETF growth.

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