Bitcoin
Monochromes IBTC Spot-Bitcoin ETF goes live, first Australian ETF with direct BTC holdings
Monochrome Bitcoin from Australia-based Monochrome Asset Management (BTC) The exchange-traded fund (ETF) (IBTC) will begin trading on the Cboe Australia exchange on Tuesday, the company told CoinDesk.
The product is the first and only ETF that directly holds bitcoin in Australia, the company said.
“Prior to IBTC, Australian investors could only invest in ETFs that held bitcoin indirectly or through offshore bitcoin products, both of which do not benefit from investor protection rules under the Australian Directly Held Crypto Asset Licensing Regime Financial Services Licensing (AFSL). ,” the ad said.
Australia already has two exchange-traded products that offer exposure to spot crypto assets on Cboe Australia, but they do not hold bitcoin directly.
O applied company for one bitcoin in cash (BTC) ETF in April 2024. Since the US approved spot bitcoin ETFs in January 2024, regions such as Hong Kong and Australia have signaled openness to the products. By the end of April, Hong Kong had officially approved the first batch of crypto-related spot ETFs, a first for the city as it aimed to become a leading hub for digital assets.
In Australia, companies require approval from the regulator, the Australian Securities & Investments Commission (ASIC), and then from the exchange that lists the product, in this case Cboe Australia. Monochromatic had previously obtained ASIC approval for this product.
Cboe Australia did not immediately respond to a request for comment from CoinDesk.
“This aligns with Monochrome’s investor protection-focused mission to provide secure, compliant and simple paths to participate in this transformative space,” Jeff Yew, CEO of Monochrome Asset Management.