Australia’s First Spot Bitcoin ETF Sets To Begin Trading On Exchange
On June 2, Monochrome Asset Management, based in Australia, revealed that its Bitcoin exchange-traded fund (ETF), IBTC, would go live soon. This launch will make IBTC the first spot Bitcoin ETF to be traded in Australia.
Monochrome disclosed that its Bitcoin ETF (IBTC) will begin trading on the Cboe Australia exchange on Tuesday, June 4, with a management fee of 0.98%. The IBTC’s holdings will be stored offline in a device not connected to the internet to ensure maximum security.
Monochrome was proud to host 120 guests in Sydney last week as we celebrate the upcoming launch of the Monochrome Bitcoin ETF.
This milestone marks a significant step in our journey empower investors with the tools and confidence to navigate the digital financial landscape. pic.twitter.com/tfWGzYwl3R
— Monochrome (@MonochromeAsset) June 2, 2024
Notable as the first and only ETF in Australia to hold Bitcoin directly, Monochrome highlighted the advantage of IBTC over previous options available to Australian investors.
Monochrome stated,
“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime.”
Monochrome Bitcoin ETF provides investors exposure to Bitcoin within a regulated framework. Australia’s spot Bitcoin ETF tracks the “CME CF Bitcoin Reference Rate Index,” linking its performance directly to the spot price of Bitcoin.
Cboe Australia will be the first Australian exchange to list a Bitcoin ETF, surpassing the larger Australian Securities Exchange (ASX) in bringing such a product to market.
This launch capitalizes
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