Blockchain
Monochromes’ IBTC Spot-Bitcoin ETF goes live, the first Australian ETF with direct holdings in BTC
Monochrome Bitcoin from Australia-based Monochrome Asset Management (BTC) the company told CoinDesk on Tuesday that the exchange-traded fund (ETF) (IBTC) will begin trading on the Cboe Australia exchange.
The product is the first and only ETF to hold bitcoin directly 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 the investor protection rules under the directly held Australian Financial Services Licensing (AFSL) licensing regime,” we read in the announcement.
Australia already has two exchange-traded products that provide exposure to spot cryptocurrencies on Cboe Australia, but they do not directly hold bitcoin.
THE the company has applied for a spot bitcoin (BTC) ETFs in April 2024. Since the US approved spot bitcoin ETFs in January 2024, regions such as Hong Kong and Australia have signaled an openness to the products. By the end of April, Hong Kong had officially approved the first batch of cryptocurrency-linked spot ETFs, a first for the city as it aimed to become a leading digital asset hub.
In Australia, companies require approval from the regulator, the Australian Securities & Investments Commission (ASIC), and therefore for the product to be listed on a stock exchange, in this case Cboe Australia. Monochrome had already gained 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 offer safe, compliant and direct paths to participate in this transformative space,” Jeff Yew, CEO of Monochrome Asset Management.