Australia Launches First Bitcoin Direct-Holdings ETF


Australia is gearing up to join the expanding bandwagon of nations including Hong Kong, Canada, and the United States to provide spot Bitcoin exchange-traded funds (ETF) to investors. 

Australia Breaking Record

Monochrome Asset Management, an Australian exchange, is launching the Monochrome Bitcoin ETF (IBTC) to allow investors to engage with BTC in a regulated manner. The ETF will start trading on the Cboe Australia exchange on Tuesday, June 4, barring any unexpected delays.

In addition, the ETF will be traded under the ticker IBTC and will have a management fee of 0.98%. This is a significant milestone for crypto investors in Australia and the country as a whole. 

Recently, the Australian Securities Exchange (ASX) made the announcement about approving several spot Bitcoin ETFs by year-end however, Cboe Global Market, a leading financial institution has beaten it to the market. 

What this new stride means for Aussie Investors

It is true that Australia does have a few exchange-traded products that provide exposure to Bitcoin. But investors had limited options, and were able to invest only in ETFs that indirectly held Bitcoin or through offshore Bitcoin products. 

It is a relief for investors in the country as Monochrome stands out as the first to receive approval under a new crypto asset licensing category established within the Australian Financial Services (AFS) licensing regulations in 2021. 

This new development will likely provide a more direct and regulated way for Australian investors to participate in the Bitcoin market. It is a significant development in the evolving landscape of crypto investments in Australia.

Spot Bitcoin ETFs Gain Widespread Adoption 

It is a significant step to see that regulated Bitcoin ETFs has gone live after hints on launching in various regions this year, including the UK, Europe, and many more.

Australia’s move reflects the increasing acceptance of Bitcoin as an institutional asset. The regulated framework adds legitimacy, providing investors with a clear path into the Bitcoin market.

This trend could pave the way for more countries to jump on board, benefiting both crypto investors and the industry as a whole. 

Bitcoin ETF gains momentum in the U.S.

The introduction of spot Bitcoin ETF products in the United States has brought about a major achievement in the financial realm. Now, these ETFs are being celebrated as the initial authentic tools, allowing institutions to smoothly invest in Bitcoin, bridging traditional finance with the crypto world.

The spot Bitcoin ETFs are gaining traction as consistent net inflow was recorded in the U.S. totaling a whopping $241.12 million over six days of trading.

At the time of writing, Bitcoin ETFs is trading at $0.000709, up by 1.49% in the last 24 hours.

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