The US Securities and Exchange Commission (SEC) has granted its historic approval for the very first Bitcoin exchange-traded fund (ETF), a decision with profound implications for US Bitcoin enthusiasts and investors.
The SEC’s decision paves the way for a total of 11 pending Bitcoin ETF applications to be traded on major US exchanges, including BlackRock, the world’s largest asset manager with over $9 trillion in assets.
What does this mean for Aussies?
There are high expectations that similar offerings will become available on the Australian Securities Exchange (ASX). The ASX, being Australia’s largest and most influential exchange, plays a pivotal role in shaping investment trends and opportunities for local investors.
Brisbane-based Monochrome Asset Management is poised to launch a spot Bitcoin ETF on the ASX later this year. The SEC’s recent decision could expedite the approval of their application, marking a significant step in aligning Australia with the global trend of integrating cryptocurrencies into the traditional financial system.
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