Australia has officially launched its first spot Bitcoin ETF that directly holds BTC. Monochrome Asset Management Bitcoin ETF (IBTC) Just getting started transaction Since the CBOE Australian exchange opened. The ETF, which trades under the ticker IBTC, has a management fee of 0.98%.
BREAKING: 🇦🇺Australian first spot #Bitcoin ETFs to own #Bitcoin We will officially start trading. pic.twitter.com/k4OPyPDm5O
— Bitcoin Magazine (@BitcoinMagazine) June 4, 2024
This milestone makes IBTC the first fund in the country to directly hold Bitcoin, giving investors direct access to BTC. The new product distinguishes itself from Australia’s two existing spot Bitcoin ETFs, which offer exposure to spot Bitcoin without directly holding Bitcoin. Monochrome’s ETF fills this gap by offering an ETF that actually holds Bitcoin.
“Prior to the IBTC, Australian investors could only invest in Bitcoin through ETFs that indirectly held bitcoin, or through offshore bitcoin products, neither of which benefited from the investor protection rules of the direct cryptocurrency Australian Financial Services Licence (AFSL) licensing regime,” the company said. stated.
This development in Australia follows the successful launch of spot Bitcoin ETFs in the US earlier this year. These ETFs have proven quite successful, reflecting strong investor interest and confidence in Bitcoin. Additionally, a Bitcoin ETP has been launched on the London Stock Exchange and a Bitcoin Exchange-Traded Product (ETC) has also been launched in Germany, further highlighting the trend of increasing access to Bitcoin investment products globally.
