As an experienced financial analyst, I see the listing of the Monochrome Bitcoin ETF (IBTC) on Cboe Australia as a significant milestone for Australian investors seeking direct exposure to bitcoin in a regulated setting. With its approval by ASIC during the first quarter of 2024 and its launch on June 4, IBTC becomes the first spot bitcoin ETF in Australia, following similar developments in countries like the United States and the United Kingdom.
As a crypto investor, I’m thrilled to share that today marks the beginning of trading for the first-ever spot Bitcoin ETF in Australia. This revolutionary investment product, named Monochrome Bitcoin ETF (IBTC), is now listed on Cboe Australia. The ETF is expertly managed by Monochrome Asset Management Pty Ltd.
As a crypto investor excited about the market, I’m thrilled to share that starting June 4, 2024, the IBTC ETF will be listed on Cboe, making it the first regulated bitcoin exposure option for investors in Australia. According to Monochrome’s description, this ETF aims to mirror the price of bitcoin in Australian dollars (AUD).
As an analyst, I’d rephrase it this way: In Australia, the approval for crypto ETFs that trade spot cryptocurrencies mirrors recent trends in the US and UK markets. IBTC is now the third such product to receive the green light Down Under. However, the other two Australian-approved ETPs don’t actually hold crypto assets themselves, instead offering indirect exposure through offshore bitcoin products or other related instruments.
In the announcement, Monochrome highlights the unique features of IBTC compared to other cryptocurrency exchange-traded products by pointing out.
“IBTC is the pioneering and sole exchange-traded fund in the market granted authorization under the crypto asset licensing category in Australia. Previously, Australian investors could only participate in ETFs that did not directly own bitcoin or utilize offshore bitcoin products, which lacked the investor protection rules applicable to directly held crypto assets under the local AFS licensing framework.”
The cost of your bitcoin investments through Monochrome is compared to the CF Benchmarks Asia Pacific Bitcoin Reference Rate maintained by CF Benchmarks Ltd. Monochrome ensures the safety of your bitcoin assets using robust security infrastructure.
On Monochrome’s website, you’ll find several reputable companies listed as service providers. For instance, State Street serves as both the Administrator and Cash Custodian. CF Benchmarks is in charge of providing the Benchmark Index. Automic Group manages the Registry, while Gemini secures the Bitcoin Custody, and Solactive provides the iNAV.
Jeff Yew, the CEO of Monochrome Asset Management, expressed his enthusiasm about launching the Monochrome Bitcoin ETF (IBTC) in Australia. Unlike other ETFs, IBTC will hold bitcoin directly, making it a groundbreaking initiative in our region. This action adheres to Monochrome’s commitment to safeguarding investors by providing secure, regulatory-compliant, and uncomplicated avenues for engaging with the revolutionary digital currency landscape.
Image by Eivind Pedersen from Pixabay
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2024-06-04 15:15