Australia is set to join the growing list of countries offering spots. Bitcoin ExchangeThe country is scheduled to launch its first exchange-traded fund (ETF) tomorrow.
Latest Updates: 🇦🇺 New to Australia #Bitcoin The ETF launches tomorrow.
Are you ready? 🚀 pic.twitter.com/EfKqdMU48P
— Bitcoin Magazine (@BitcoinMagazine) June 3, 2024
Monochrome Asset Management has announced the launch of a Bitcoin ETF (IBTC). Trading is scheduled to begin on June 4thBarring any last-minute delays, the ETF will trade under the ticker IBTC and have a management fee of 0.98%.
Issuer Monochrome Asset Management is offering the fund as a way for investors to invest in Bitcoin within a regulated framework. ETF It tracks the CME CF Bitcoin Reference Rate Index, providing exposure directly tied to the spot price of Bitcoin.
CBOE will be the first Australian exchange to list a Bitcoin ETF, ahead of the Australian Securities Exchange (ASX). Reports sayThe ASX is expected to approve a spot Bitcoin ETF before the end of the year.
These launches capture growing interest following the landmark regulatory approval of a Bitcoin ETF. US market in JanuaryThese products attracted large inflows from both institutional and retail investors.
Australia is now poised to follow suit, offering investors the opportunity to invest easily and safely without having to directly own bitcoin. As an entirely passive ETF, IBTC offers a return profile linked to the price of bitcoin, whilst eliminating the technical challenges of purchasing actual bitcoin.
Regulated Bitcoin ETFs have launched across North America this year. EnglandEurope and Asia Pacific. Australia’s entry reflects the wider acceptance of Bitcoin as an asset class among institutional investors.
Other countries are likely to follow suit, with major markets now offering spot Bitcoin ETFs, with a regulated wrapper lending legitimacy and offering investors an easier way to gain exposure.
