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Coinbase Eyes Australian Self-Managed Pensions, a $900 Million Crypto Opportunity

Coinbase Global, the preeminent cryptocurrency exchange in the United States, has set its sights on the burgeoning self-managed pensions sector in Australia, a market worth an estimated $900 million in crypto assets.

Driven by a 55% surge in Bitcoin's price and substantial inflows this year, crypto assets held within these retirement funds are poised to reach record highs. However, Australia's institutional money managers have largely steered clear of the digital asset sector due to its susceptibility to volatility and a history marred by scandals.

John O'Loghlen, Asia-Pacific managing director for Coinbase, believes that self-managed super funds (SMSFs) offer a unique opportunity for the exchange. "SMSFs might just make a single allocation and set it and forget it," he said. "We are working on an offering to service those clients really well on a one-off basis – to have them trade with us and stay with us."

The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States earlier this year provided a significant boost to cryptocurrencies, propelling the digital asset to an all-time high in March. Australia is anticipated to follow suit, with Van Eck Associates and BetaShares Holdings preparing to roll out their own crypto ETFs before the end of 2024.

"We don't see this as cannibalising the ETF players, but more a rising tide and a big enough interest for someone to come in through their own self-managed portal," said O'Loghlen.

Despite this surge in interest, there are hurdles to overcome. Concerns about the inherent risks associated with the speculative world of crypto remain deeply entrenched. Michael Houlihan, who runs a private wealth management firm, advises against allocating a significant portion of a portfolio to crypto assets. "You wouldn't want a significant part of a portfolio in something that's such high risk," he cautioned.

Undeterred, global rivals like Kraken and local players such as BTC Markets and Independent Reserve Pty are eager to tap into the self-managed opportunity. Independent Reserve has forged strategic alliances with financial advisors who serve self-managed funds and developed tax-reporting tools to entice clients, according to its chief executive officer, Adrian Przelozny.

Data from BTC Markets chief executive officer Caroline Bowler reveals that Bitcoin, the largest cryptocurrency by market capitalization, dominates self-managed super funds' digital-asset holdings, accounting for approximately 60%. "Self-managed super funds are a growing client base," she said, "and tend to be cautious in their allocations."

The Australian Securities Exchange (ASX), which handles around four-fifths of Australia's equity trading, is expected to approve the first spot-Bitcoin ETFs for the main board in the coming months. "With the launch of Australian Bitcoin ETFs poised for later this year, this is a space we anticipate will continue to grow," said Jonathon Miller, a managing director at Kraken.

As the self-managed pensions sector in Australia continues to expand, Coinbase and its competitors are poised to capitalize on the growing demand for crypto assets. By addressing the concerns and providing tailored services, they aim to secure a significant share of this $900 million market opportunity.