Key Takeaways:
- Australia’s first spot-bitcoin ETF, Monochrome Bitcoin (BTC) ETF (IBTC), will start trading on the Cboe Australia exchange.
- IBTC is unique for holding bitcoin directly, unlike other Australian crypto-related ETFs which only offer indirect exposure.
- The swift approval of IBTC reflects Australia’s efforts to align with global trends in crypto ETFs, offering secure and compliant investment opportunities.
Australia’s first spot-bitcoin ETF with direct bitcoin holdings is set to launch on the Cboe Australia exchange.
Monochrome Asset Management’s Monochrome Bitcoin (BTC) Exchange-Traded Fund (ETF), known as IBTC, will begin trading today.
Introducing Australia's first ETF that holds bitcoin directly – the Monochrome Bitcoin ETF (Ticker: IBTC) pic.twitter.com/0l6PsKOlpb
— Monochrome (@MonochromeAsset) June 3, 2024
This product is unique in Australia as it directly holds bitcoin, unlike the two existing crypto-related exchange-traded products which only offer indirect exposure.
Monochrome Asset Management applied for this ETF in April, and the swift approval reflects Australia’s efforts to align with global trends in crypto ETFs.
Spot #Bitcoin ETFs and ETPs have and are launching in this year:
— Bitcoin Magazine (@BitcoinMagazine) June 3, 2024
🇺🇸 US
🏴 England
🇩🇪 Germany
🇦🇺 Australia
🇭🇰 Hong Kong
You are not ready 🚀
Prior to IBTC, Australian investors could only invest in offshore bitcoin products or ETFs without direct bitcoin holdings, which lacked the investor protection rules provided by the Australian Financial Services Licensing (AFSL) regime.
The approval process in Australia involves securing approval from the Australian Securities & Investments Commission (ASIC) and then listing the product on the exchange.
REMINDER: Australia's first #Bitcoin ETF starts trading in a few hours.
— Simply Bitcoin (@SimplyBitcoinTV) June 4, 2024
Get ready! 🚀 pic.twitter.com/gq2PWBMdoz
Monochrome received ASIC approval and aims to provide secure, compliant, and straightforward investment opportunities in the crypto space.
This move follows similar approvals in regions like Hong Kong, which also aims to become a leading digital assets hub.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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