IBTC, the Monochrome Bitcoin ETF, will commence trading on CBOE tomorrow, becoming the first spot Bitcoin ETF in Australia. This is a significant step forward for Bitcoin acceptance in Australia.
The first spot Bitcoin exchange-traded fund (ETF) from Australia is likely to begin tomorrow, adding the nation to the expanding list of countries providing such a product.
The Bitcoin ETF (IBTC) was announced by Monochrome Asset Management to begin trading on June 4, barring any unforeseen setbacks. The management fee for the exchange-traded fund is 0.98%, and it will trade with the ticker symbol IBTC.
The fund’s issuer, Monochrome Asset Management, is providing investors with a regulated way to have exposure to Bitcoin. This exchange-traded fund (ETF) gives investors exposure to the bitcoin market based on its current price by following the CME CF Bitcoin Reference Rate index.
Cboe will issue a bitcoin ETF before the bigger Australian Securities Exchange (ASX) does, making it the market leader. On the other hand, news has it that the ASX is reportedly working on approving spot Bitcoin ETFs before the year ends.
Launches like this capitalize on the unprecedented level of demand for Bitcoin ETFs that followed January’s groundbreaking regulatory clearance in the US market. Institutional and ordinary investors alike poured funds into such products in massive numbers.
The Australian government is about to follow suit, providing investors with a safe way to get exposure to bitcoin without actually owning any of the cryptocurrency. With IBTC, a fully passive exchange-traded fund, investors may avoid the hassle of actually purchasing bitcoin while still benefiting from a return profile linked to the price of bitcoin.
This year saw the establishment of regulated Bitcoin ETFs in the US, UK, Europe, and Asia-Pacific. Bitcoin is becoming more and more accepted as an asset class by institutions, and Australia’s entry is a reflection of that.
Not only are spot Bitcoin ETFs available in key markets today, but more nations will most certainly follow suit. Investors have an easy method to get exposure, and the regulated wrapper adds respectability to the process.
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