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.

Backpack (BP) Brings Good News to Early Users

One of the notable projects in the crypto ecosystem, Backpack, has officially entered its token

23
Mar

What is Ant.FUN (ANB)?

One of the projects that has recently attracted attention in the crypto market is Ant.FUN

16
Mar

Strategy’s Massive Bitcoin Purchase Moved the Market!

Institutional investment activity continues to attract attention in the cryptocurrency market. One of the companies

16
Mar

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.

The post Australia Gets Its First Spot Bitcoin ETF: Monochrome to Launch IBTC on Tuesday appeared first on Coin Engineer.

Monochrome’s flagship product, the spot Bitcoin ETF, was originally planned to be listed on the ASX, a larger platform with larger trading volumes. However, the firm opted for Cboe Australia instead and expects the decision to be made before mid-24.

The application with Cboe Australia marks Monochrome Asset Management’s commitment to pioneer a spot Bitcoin ETF in Australia. While there are already two exchange-traded products in the country that offer exposure to spot crypto assets on Cboe Australia, they do not directly hold Bitcoin.

Monochrome’s decision to partner with Cboe Australia is in line with its strategic objectives, seeking collaboration with a reputable market operator with expertise and broader investor reach across Asia. Unlike in the US, where firms can list ETFs directly, Australian regulations require approval from regulator ASX before listing on an exchange. Monochrome has already received ASX approval for its product.

“We expect a decision from Cboe Australia on our Bitcoin ETF application before mid-year,” said Jeff Yew, CEO of Monochrome Asset Management.

Cboe Australia, part of Cboe Global Markets, is one of five global listing exchanges operated by the company.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Monochrome Has Filed an Application for A Spot Bitcoin ETF appeared first on Coin Engineer.