Bitcoin ETF Impact and Exposure, page-6

AFR - Jessica Sier Jan 12, 2024 – 4.43pm
In Australia, major banks are moving the US ETFs through their due diligence processes before providing access to local investors. Commonwealth Bank said it expects to list the new products shortly on its CommSec platform, while National Australia Bank is still considering whether they will appear on customer dashboards.
The ASX haslong been cautious in its approach to crypto-related ETFs.DigitalX joins Brisbane’s Monochrome Asset Management in the queue to provide a local bitcoin spot price ETF. Monochrome expects to receive approval in the first half of this year.

It’s absolutely a positive start and very good for the long-term outlook for digital assets,” Lisa Wade, chief executive of ASX-listed wholesale fund manager DigitalX, said. “The race to the bottom on fees is going to be a problem, but for now, it’s a positive story.”

Ms Wade’s company lodged an application with the Australian exchange on Friday afternoon to launch its own version of the product, which is tied to the bitcoin spot price. Approval for these ETFs from the SEC was long awaited, and allows retail investors to gain exposure to the assets without having to store or manage cryptocurrencies.