Family offices in Australia are reportedly piling into digital avails as fund managers compete to list the state'southward beginning cryptocurrency-backed exchange-traded fund.

VanEck and BetaShares accept each lodged submissions with the Australian Securities Exchange post-obit a rejection of industry speculation in March that the exchange was opposed to such products. The ASX confirmed that it had received formal applications from several other investment managers eager to launch their ain Bitcoin (BTC) ETFs.

Before this week, VanEck Asia–Pacific CEO Arian Neiron stated that the crypto asset movement had become more mainstream and that a Bitcoin ETF on the ASX could democratize crypto assets for all types of investors.

Australian ETF provider BetaShares also confirmed an ASX application but did not specify whether information technology was planning a Bitcoin product or one more than broadly backed by digital assets.

BetaShares manager Alex Vynokur stated that there was pregnant demand for such products, calculation:

"From our perspective, a regulated structure of an ETF is the more appropriate structure for a significant number of investors, rather [than] buying Bitcoin or other cryptocurrencies on unregulated exchanges."

The ASX declined to speculate or comment on the applications but stated that it is closely monitoring developments in relation to listed investments involving Bitcoin and other cryptocurrencies.

The moves have been viewed as bullish by investors down under equally Australia's wealthiest families begin to diversify their portfolios with crypto avails.

According to a Business Insider Commonwealth of australia report, listed blockchain investment company DigitalX has been offering help to increasing numbers of family offices eager to invest in the maturing digital asset infinite. DigitalX executive managing director Leigh Travers said that investors are replacing their gold portions of portfolios with Bitcoin, adding:

"The biggest alter has been effectually institutional interest which has helped evolve information technology from a speculative nugget to an nugget that is part of a diversified portfolio and has the strongest macro winds of whatever investment possible I retrieve."

Travers cited decentralized finance as being one factor that has made this bull run unlike from the previous one in 2017–2018.

The report revealed that the boilerplate family unit function in Australia and New Zealand controls more than $600 million each, and the moves into crypto assets signal only how ubiquitous the asset form is becoming.

As reported past Cointelegraph, Australia'southward securities regulator wants crypto firms to appoint with it to help information technology foster innovation in the region.

In belatedly April, the U.s. Securities and Exchange Commissiondelayed the decision on VanEck'due south Bitcoin ETF until June 17.