Ramazan Eles 
Australia is taking a leap into the world of directly held Bitcoin ETFs. Monochrome Asset Management, an Australian firm, announced that its Monochrome Bitcoin ETF (IBTC) will begin trading on the Cboe Australia exchange on Tuesday.
This marks a significant milestone for Australian cryptocurrency investors. IBTC will be the first and only exchange-traded fund in the country to directly hold Bitcoin.
Previously, Australian investors had limited options for Bitcoin exposure. They could either invest in ETFs that indirectly held Bitcoin or resort to offshore Bitcoin products. Both these options lacked the investor protection measures offered by the Australian Financial Services Licensing (AFSL) regime for directly held crypto assets.
The launch of IBTC comes amidst a growing global trend towards spot Bitcoin ETFs. The U.S. paved the way in January 2024 with its own approvals, and regions like Hong Kong followed suit. Hong Kong even greenlit its first batch of crypto-related spot ETFs in April, aiming to become a leader in the digital asset space.
For Monochrome, gaining regulatory approval for IBTC signifies a commitment to investor protection. “This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space,” stated Jeff Yew, CEO of Monochrome Asset Management.
Cboe Australia, the exchange listing IBTC, has yet to respond to a request for comment from CoinDesk.