ETFs
Monochromes IBTC Spot-Bitcoin ETF Launches, Australia’s First ETF with Direct BTC Holdings
Monochrome Bitcoin from Australia-based Monochrome Asset Management (BTC) Exchange-traded funds (ETFs) (IBTC) will begin trading on the Cboe Australia exchange on Tuesday, the company told CoinDesk.
The product is the first and only ETF that holds bitcoin directly in Australia, the company said.
“Prior to IBTC, Australian investors could only invest in ETFs holding Bitcoin indirectly or through offshore Bitcoin products, both of which do not benefit from investor protection rules under the Australian Financial Services Licensing regime ( AFSL) of directly held crypto assets. ”, says the ad.
Australia already has two exchange-traded products offering exposure to spot crypto assets on Cboe Australia, but they do not hold bitcoin directly.
THE company applied for for a bitcoin spot (BTC) ETF in April 2024. Since the United States approved Bitcoin spot ETFs in January 2024, regions like Hong Kong and Australia have signaled their openness to the products. At 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 one of the leading centers for digital assets.
In Australia, companies must obtain approval from the regulator, the Australian Securities & Investments Commission (ASIC), and then from the exchange that lists the product, in this case Cboe Australia. Monochrome had already 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 pathways to participate in this transformative space,” Jeff Yew, CEO of Monochrome Asset Management.