- Monochrome launches Australia’s first direct-holding spot bitcoin ETF, IBTC, on Cboe Australia.
- Monochrome’s IBTC offers secure and compliant investment, filling a gap in the Australian market.
Tuesday is the debut date for Australia’s first spot-Bitcoin ETF to hold bitcoin directly. A major turning point in the Australian cryptocurrency market will be reached when the Monochrome bitcoin (BTC) exchange-traded fund (ETF) (IBTC) of Monochrome Asset Management starts trading on the Cboe Australia exchange.
Blockchain researcher Collin Brown also highlighted this latest news, claiming that it will set a new standard for crypto investment down under.
🚀 Big news from Australia! 🇦🇺 The nation’s first spot Bitcoin ETF, directly holding #BTC, is launching on Tuesday. Monochrome Asset Management’s ETF (IBTC) will trade on Cboe Australia, setting a new standard for crypto investment down under. 🌏📈 #Bitcoin pic.twitter.com/HpLtlDtY3T
— Collin Brown (@CollinBrownXRP) June 3, 2024
Monochrome’s Groundbreaking Product
Monochrome is the first and only ETF in Australia to own BTC directly. Australian investors could only invest in ETFs that indirectly held bitcoin or through offshore bitcoin products before IBTC, neither of which offered the investor protection regulations found under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing environment.
Two Cboe Australia exchange-traded products already offer exposure to spot cryptocurrency assets; they do not, however, actually own bitcoin. The new ETF from Monochrome, which offers Australian investors a safer and more regulated investing option, changes this situation.
Regulatory Approvals and Market Movements
April 2024 saw Monochrome apply for a spot bitcoin ETF. Regions including Hong Kong and Australia have shown openness to these products after the United States approved spot bitcoin ETFs in January 2024. Positioning itself as a top center for digital assets, Hong Kong had approved its first batch of spot ETFs linked to cryptocurrencies by the end of April.
Australian enterprises must obtain permission from both the Australian Securities & Investments Commission (ASIC) and the exchange that lists the product—in this instance, Cboe Australia. One of the most important stages in launching IBTC is that Monochrome has obtained ASIC clearance for its product.
CoinDesk has asked Cboe Australia for comment; they have not yet replied. “This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space,” said Jeff Yew, CEO of Monochrome Asset Management.
Bitcoin Price Movements
CoinMarketCap data show that the price of bitcoin at the moment of writing is about $69,223.22, up 1.73% from the last 24 hours. Still, throughout the last 7 days, it has demonstrated a bearish trend, falling by 0.94%.
Late in April, CNF reported on the enthusiastic response the Bitcoin Spot ETF received from the Australian Main Board, demonstrating robust institutional backing for this ground-breaking financial innovation.
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