Australia’s first direct-holding spot Bitcoin ETF, IBTC, is set to launch on Cboe Australia, marking a significant milestone for the country’s cryptocurrency market. Monochrome Asset Management’s ETF will allow investors to securely and compliantly invest in Bitcoin, filling a gap in the market. This development has been praised by blockchain researcher Collin Brown, who believes it will establish a new standard for crypto investment in Australia.
Monochrome’s ETF is groundbreaking as it is the first and only ETF in the country to directly own Bitcoin. Previously, Australian investors could only access Bitcoin indirectly through ETFs or offshore products, which did not offer the same level of investor protection as the directly held crypto assets under the Australian Financial Services Licensing (AFSL) environment. This new ETF from Monochrome provides Australian investors with a safer and more regulated option for investing in Bitcoin.
In April 2024, Monochrome applied for a spot Bitcoin ETF, following the approval of similar products in the United States earlier that year. Hong Kong and Australia have also shown openness to these products, with Hong Kong approving its first batch of spot ETFs linked to cryptocurrencies in April. Monochrome has obtained clearance from the Australian Securities & Investments Commission (ASIC) for its product, an important step in launching IBTC.
While the price of Bitcoin is currently around $69,223.22, up 1.73% in the last 24 hours, it has experienced a bearish trend in the past seven days, falling by 0.94%. Despite this, the response to the Bitcoin Spot ETF in Australia has been enthusiastic, indicating strong institutional support for this innovative financial product.
As Monochrome’s CEO, Jeff Yew, stated, the launch of IBTC aligns with the company’s mission to provide secure and compliant pathways for investors to participate in the transformative space of cryptocurrencies. The industry is eagerly awaiting further updates from Cboe Australia regarding the launch of the ETF.
