According to Bloomberg, large issuers such as Van Eck Associates Corp. and BetaShares Holdings Pty, are eagerly awaiting approval from the Australian Securities Exchange (ASX) to list their spot Bitcoin ETFs on the main exchange.

The ASX, which accounts for 80% of share trading in the country, is expected to give the green light to these financial products by the end of 2024.

The move follows the success of spot Bitcoin ETFs in the United States, which have amassed an impressive $53 billion in assets this year alone.

Offers from financial giants such as BlackRock Inc. and Fidelity Investments, contributed significantly to this amount, demonstrating growing demand for regulated cryptocurrency investment options.

Australia's decision to accept spot Bitcoin ETFs comes at a time when the cryptocurrency market has seen significant growth, with Bitcoin hitting an all-time high of $72,689 on March 13.

This bullish trend has attracted ETF issuers looking to capitalize on the potential for further growth in the digital asset space.

One of the key factors that sets Australia apart from other markets is its robust $2.3 trillion superannuation sector. Around 25% of this value comes from self-managed superannuation funds (SMSFs), which allow people to have greater control over their retirement savings.

Industry experts such as Jamie Hannah, Deputy Head of Investments at VanEck Australia, believe these SMSFs could become major players in the Bitcoin ETF market. Hannah highlights the huge potential of the crypto industry across a range of sectors including SMSFs, brokers, advisors and platforms. The combination of these domains can create a strong investor base, ensuring the success of future Bitcoin ETFs.

However, this is not the first time Australia has attempted to launch spot Bitcoin ETFs. Two years ago, CBOE Australia, a smaller exchange with lower trading volume, introduced the first spot Bitcoin ETFs in the country.

Unfortunately, these initial offerings failed to gain traction, with Sydney firm Cosmos Asset Management ultimately delisting its Bitcoin ETF in 2022 due to insufficient fund inflows.

Despite the previous setback, industry experts are optimistic about the prospects of listing on the ASX. Justin Arzadon, head of digital assets at BetaShares, emphasizes the importance of joining a reputable exchange and highlights token custody as a key aspect being scrutinized by the ASX.

While the recent fall in Bitcoin prices has caused concern among some investors, Australian experts remain confident in the long-term potential of digital currencies. Lisa Wade, CEO of crypto investment firm DigitalX, believes Australians could allocate up to 10% of their portfolios to cryptocurrencies, given their potential to revolutionize finance.

Hong Kong is set to begin trading Bitcoin and Ethereum ETFs on April 30, further strengthening the acceptance of digital assets in traditional financial markets.