Long story short, the ASX is facing a Brave New World. This might be a little confronting for the ASX and ASIC, who have clearly been, at best, lukewarm on the presence of cryptocurrencies on the ASX. It also states that Square has a large number of Bitcoins on its balance sheet - 8,027 of them, in fact. The AFR report tells us that Square has just announced that it increased its Bitcoin revenues by 200% year on year to US$2.7 billion in its most recent reported quarter. It also allows users to buy and sell other goods and services with cryptos. Whilst not yet available in Australia, its Cash App allows US customers to trade, send or receive Bitcoin and other cryptocurrencies. However, it is also deeply submerged in the world of cryptocurrencies. One with a current market capitalisation of US$123.5 billion to boot.īut here’s the real issue that the ASX is facing. That’s despite its status as an American company. That, in turn, means Square might become one of the largest listings on the ASX. That means that ASX investors will either be able to elect to receive NYSE-listed Square shares or shares of the new Square CDI on the ASX. Square will also be offering its shares on a CHESS Depositary Interest (CDI) basis to Aussie investors on the ASX, once Afterpay shares disappear from trading. H ere’s where this gets mightly relevant. Square and Afterpay bring Bitcoin to the ASX 200 If the deal goes ahead, Afterpay shareholders will receive 0.375 shares of Square for every share of Afterpay owned. That’s due to the upcoming potential merger of Afterpay Ltd (ASX: APT) and the US payments giant Square Inc (NYSE: SQ).Īfterpay lit the ASX on fire last week when it announced that it has agreed to be acquired by Square in an all-scrip deal. Although NFTs are not the same thing as cryptocurrencies, clearly they are a little too close for comfort for the ASX in their shared use of blockchain technology.īut the ASX is now facing a bit of a watershed moment. Animoca Brands hosts a non-fungible token (NFT) platform. Unlike over in the US, no Australian company has yet decided to put some of its balance sheet assets into cryptocurrencies (more on that later).Īs a report in the Australian Financial Review (AFR) notes today, the ASX has also knocked back a company called Animoca Brands from listing, despite a US$1 billion valuation. The ASX and the Australian Securities and Investments Commission (ASIC) have knocked back the idea of an ASX-listed Bitcoin exchange-traded fund (ETF) before. However, the ASX has certainly been more restrained in its embrace of the new crypto world. Earlier this year, we looked at how Bitcoin was pipping gold as an investment choice for many Aussies today.
ASX investors have largely embraced the cryptocurrency markets in recent years, and everything that crypto coins like Bitcoin (CRYPTO: BTTC) or Ethereum (CRYPTO: ETH) have to offer.
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