Australia's First Direct Bitcoin Spot ETF Launched
Prior to the approval of the Bitcoin Spot ETF, Australia only offered two fund products allowing investors indirect exposure to Bitcoin rather than direct ownership.
Australia has launched its first direct Bitcoin Spot ETF. Photo: The BTC Times
Australia has officially introduced its first Bitcoin Spot ETF directly holding BTC. The Bitcoin diversified exchange-traded fund (ETF) by Monochrome Asset Management has just been listed on the Cboe Australia stock exchange under the ticker IBTC, with a management fee of 0.98%.
In Australia, companies seeking to introduce financial products must first obtain approval from the Australian Securities and Investments Commission (ASIC), after which the product can be listed on an exchange like Cboe Australia.
Monochrome was proud to host 120 guests in Sydney last week as we celebrate the upcoming launch of the Monochrome Bitcoin ETF.
— Monochrome (@MonochromeAsset) June 2, 2024
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 Asset Management submitted the Bitcoin Spot ETF application in April and swiftly received ASIC approval. This milestone has made IBTC the first and only domestically managed ETF directly holding Bitcoin.
Before IBTC, Australian investors could only invest in ETFs indirectly holding Bitcoin or through foreign Bitcoin products, neither of which benefited from the nation's investor protection rules.
Since the green light was given to Bitcoin Spot ETFs in the US in January 2024, various financial jurisdictions worldwide such as Hong Kong, the United Kingdom, and most recently Australia have begun facilitating these products. Hong Kong officially approved its first Bitcoin Spot ETF at the end of April, though the inflows into these funds are still relatively modest compared to the vast ETF market in the United States.
