Investors in Australia could soon have a new way to gain exposure to Bitcoin, as the country is poised for a surge of spot Bitcoin exchange-traded funds (ETFs).

The country’s main market operator, ASX, is on track to greenlight the country’s first Spot-based Bitcoin ETFs by the end of 2024, Bloomberg reported Monday, citing sources.

The race is currently on for Australia’s first Spot Bitcoin ETF. Local firm BetaShares is reportedly developing a product for the ASX. Meanwhile, DigitalX Ltd. said in February that it lodged an application. And VanEck, a major player in US and European Bitcoin ETFs, has also resubmitted its proposal. The move signals a competitive landscape for capturing the Australian market.

An ASX spokesperson told Cryptonews that the operator is discussing crypto-based ETFs with “a number of” interested issuers. But they remained tight-lipped on specifics.

Global Crypto Boom Encourages Australia to Re-enter Bitcoin ETF Market

This wouldn’t be Australia’s first attempt at Bitcoin ETFs. Two years ago, the smaller CBOE exchange saw a launch, with Sydney’s Cosmos Asset Management offering a spot Bitcoin ETF. However, it struggled to attract investment and was delisted later in 2022.

Meanwhile, the Global X 21Shares Bitcoin ETF, managed to secure around $62m in assets. The focus now seems to be shifting to the dominant ASX exchange. But issuer Monochrome Asset Management is currently seeking approval for its Bitcoin ETFs on CBOE.

Applications in Australia follow the surge in spot Bitcoin ETF assets under management to about $53b as of April 24 in the US. Additionally, Hong Kong is preparing to introduce its highly awaited spot Bitcoin and Ethereum exchange-traded funds by end April. The Bosera-HashKey Capital spot ETF is set to commence trading on Tuesday.

Bitcoin Mania Spreads to Asia with Hong Kong’s Spot ETFs

Chinese asset managers are also gearing up to launch spot Bitcoin and Ether ETFs, mirroring the success of the highly lucrative three-month-old US Bitcoin funds.

Potential demand sources for Hong Kong’s spot crypto ETFs include Chinese wealth invested in the city, along with Asia-Pacific crypto exchanges and market makers.

Meanwhile, in the UK, the London Stock Exchange announced its intention to start accepting applications for trading crypto exchange-traded notes (ETNs) from April 8. ETNs and ETFs share similar traits, trading on major exchanges akin to stocks.

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