As a researcher with a background in finance and experience in the crypto industry, I’m excited about Monochrome Asset Management’s upcoming launch of the first direct Bitcoin exchange-traded fund (ETF) in Australia, IBTC. The fact that this ETF will hold BTC directly sets it apart from other funds available to Australian investors, which have indirectly held or gained exposure to the digital asset through offshore products.
As an analyst, I’m excited to announce that starting May 4, 2024, Monochrome Asset Management, an Australian investment management firm, will debut the first Bitcoin spot exchange-traded fund (ETF) in the country.
As a financial analyst, I can share that starting June 4, I’ll be the first to invest in Bitcoin (BTC) through an Exchange-Traded Fund (ETF) listed in Australia. The Monochrome Bitcoin ETF (IBTC), which I’ll be working with, will have the unique distinction of directly holding BTC – a significant milestone for Australian investors. The necessary precautions and procedures have been implemented to list this ETF on the Cboe Australia exchange for trading.
On Monochrome’s website, it is indicated that the Investment Manager will adopt a no-frills approach to investing in bitcoin through a passive buy and hold strategy. No derivatives, borrowing for magnified returns (leverage), or selling bitcoin short will be employed in this fund.
Monochrome to Launch IBTC in Australia
An asset management company sought permission to introduce an Bitcoin Investment Trust (IBTC) in April, with the fever of the U.S. Bitcoin ETF market extending beyond our borders. Previously reported by CryptoPotato, Monochrome was granted authorization to debut a Bitcoin ETF in August 2022, but this fund aimed to provide investors with direct holdings of Bitcoin, Ethereum, and other cryptocurrencies.
As a seasoned crypto investor, I’ve observed numerous firms introduce Bitcoin Exchange-Traded Funds (ETFs) that offer indirect exposure to Bitcoin or hold it through offshore instruments over the past few years. One such leading issuer in this space is 21Shares, which has launched several products that cater to my investment needs.
Australian investors were able to access the opportunities in the Bitcoin market using the available funds. however, Monochrome CEO Jeff Yew, who previously led Binance Australia, noted that they don’t gain the benefits of investor protection rules when directly dealing with crypto through the Australian Financial Services (AFS) licensing framework.
As an analyst, I’d rephrase it as follows: In contrast, Monochrome’s IBTC was given the green light under a fresh crypto licensing framework introduced by the Australian Securities and Investments Commission (AFS) in 2021. The asset manager disclosed that the ETF would employ a custody arrangement compliant with local regulations. Moreover, its assets will be securely stored offline on a device that isn’t connected to the internet.
The Spot Bitcoin ETF Wave
As a crypto investor, I’m excited about the recent news that several countries have given the green light for spot Bitcoin ETFs to be listed. This means that investors like us now have a more direct way to invest in Bitcoin without having to deal with the complexities of buying and storing the cryptocurrency ourselves. The success of the first wave of ETFs launched in the US earlier this year has sparked a trend that is gaining momentum around the world, with regions such as Hong Kong jumping on board.
On April 30, Hong Kong marked the debut of its first Bitcoin Exchange-Traded Funds (ETFs). Experts predict that other nations will approve comparable offerings in the near future.
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2024-06-04 07:26