[NEWS] Australia's first spot Bitcoin ETF is listed

Monochrome Asset Management, an Australian asset management company, announced that its spot Bitcoin (BTC) ETF has been listed on the Cboe Australian Exchange.

The ticker symbol is "IBTC" and the management fee is 0.98%. Monochrome, the issuer, offers the fund as a way for investors to invest in Bitcoin in a regulated framework. The ETF tracks the CME CF Bitcoin Reference Rate Index and is linked to the spot price of Bitcoin.

Cboe will be the first Australian securities exchange to list a spot BitcoinETF, entering the cryptocurrency spot market ahead of the larger ASX.

In a statement, Cboe said, "This is more closely aligned with our strategic vision, market scope and timeframe."

In addition, Monochrome CEO Jeff Yew commented in a statement, "This is the first exchange-traded fund in Australia that directly holds Bitcoin." "IBTC is Australia's first ETF to hold bitcoin directly, which aligns with Monochrome's investor protection-led mission to provide a safe, compliant and straightforward path to participate in this transformative space," he continued.

The ASX also plans to approve a spot Bitcoin ETF by the end of the year, Bloomberg reported in April. Cosmos Asset Management, 3iQ and VanEck Australia are reportedly working on the application.

The listing approval follows growing market interest following the approval of a spot Bitcoin ETF by the SEC in the US in January this year. The US spot Bitcoin ETF has attracted large inflows of funds from retail investors but also from institutional investors.

Australia is now poised to follow suit, offering investors an opportunity to invest in Bitcoin easily and safely without having to hold it directly.

Spot Bitcoin ETFs have started trading in the US, UK and Hong Kong this year. Australia's market entry marks the start of acceptance of Bitcoin as an asset class for institutional investors.

Other countries may follow suit, and the trend of offering Bitcoin spot ETFs in major markets is expected to grow.

Reference: Monochrome ETF

Image: Shutterstock

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