Australia's first bitcoin ETF will be listed on the CBOE stock exchange next week. This will be the first test of the massive demand for cryptocurrencies from Australian retail investors.
News has it that the country’s first Bitcoin ETF will see $1 billion in inflows. ASX Clear is a strong clearinghouse in the heart of Australia's equity capital markets, with four market participants currently willing to meet the stringent margin requirements (42%) required to settle risk for this highly volatile asset. ASX Chief Risk Officer Hamish Treleaven will issue a notice to market participants on Wednesday, giving ASX Clear seven days' notice of regulatory approval. This will provide time for liquidators, clearing participants, market makers, and investors to prepare for new products. Currently, ASX Clear’s only Bitcoin ETF product, the Cosmos Asset Management Bitcoin ETF, will start trading on the CBOE on April 27.
Crypto adoption is surging in Australia as institutional and retail investors start investing in cryptocurrencies. Multiple surveys have shown that the majority of Australians own cryptocurrencies and trade them in retail stores. Additionally, Australia’s crypto environment has improved as the government has introduced friendly rules and regulations. It allows crypto exchanges like FTX to expand into Australia. Now, listing the first Bitcoin ETF will further increase the cryptocurrency adoption rate in the country.
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