Block Debuts Open ASX Doors For Other Crypto Listings

Investors can get exposure to the crypto market right now, of course, through the Betashares Crypto Innovators ETF (exchange-traded fund).

I don’t think currency speculation is a bad thing, we have that with gold, we have that with oil futures, we have a range of those asset classes.

ASX’s Max Cunningham

Cunningham suggests that ETFs are a high priority. “We are finalizing what we think the underlying Bitcoin, and other types of crypto assets, will look like in the ETF space.”

Launched in November last year, the Betashares Crypto Innovators ETF provides exposure to listed global companies in the crypto economy.

This includes crypto brokerage firm Coinbase, bitcoin miners, and other companies that help build crypto infrastructure – the so-called pick and shovel providers to the crypto gold rush.

“It’s designed to capture the publicly traded companies around the world that are building the infrastructure that keeps the crypto economy humming,” said Matt Hogan of Bitwise Asset Management. Hogan helped design the index fund.

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Pickaxes and shovels of Bitcoin mining – the equivalent of investing in mining and mining equipment suppliers in the mainstream economy – is a theme the ASX is embracing as it seeks crypto exposure for investors .

“There is a range of people in all of these pick and shovel businesses that we have engaged with. I could add good quality operators, with proven business models with strong revenues and management teams,” Cunningham said.

But Block/Afterpay’s debut later this month will give investors immediate access to a group with significant crypto activity – it made $1.8 billion in revenue from Bitcoin trading in its latest quarterly result. .

Block owns 8,000 bitcoins and is developing a bitcoin storage wallet, a decentralized and open platform for trading bitcoins.

The question is, which companies will follow his lead?

The ASX isn’t naming any companies it’s in talks with, but there are applicants that have completed recent funding rounds with expectations of going public this year.

Kieran Warwick, 32, has joined the ranks of the country’s billionaires thanks to Illuvium.Credit:Louie Douvis

This includes Tasmania-based Firmus Grid. He is backed by Sino Gold founder Nick Curtis, who was also an instrumentalist for rare earth band, Lynas. The company markets itself as a renewable energy-based cloud service provider and bitcoin miner.

And while the ASX is finally embracing crypto investing, recent comments from Illuvium co-founder Kieran Warwick – on a podcast with Jarden Group analyst Elise Kennedy – highlight the challenges as the market operator tries to determine what risks for investors he is willing to accept.

Like Animoca, Illuvium is focused on giving players true digital property rights for the first time. But first you need the game. “We’re valued at something like $8 billion right now and our game hasn’t even come out yet,” Warwick told the podcast.

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