Australia’s first spot Bitcoin ETF with Direct Holdings officially begins trading

Australia now officially has the first Bitcoin ETF to hold BTC directly. Monochrome Asset Management’s Bitcoin ETF (IBTC) has just begun trading as the Cboe Australia exchange opens. The ETF, which trades under the symbol IBTC, is subject to a management fee of 0.98%.

BREAKING NEWS: 🇦🇺 FIRST IN AUSTRALIA #Bitcoin ETF holdings #BTC Officially start trading directly. pic.twitter.com/k4OPyPDm5O

— Bitcoin Magazine (@BitcoinMagazine) June 4, 2024

With this milestone, IBTC becomes the first fund in the country to offer direct Bitcoin holdings, giving investors direct access to BTC. This new product differentiates itself from Australia’s two existing spot Bitcoin ETFs by providing exposure to spot Bitcoin without holding Bitcoin directly. Monochrome’s ETF fills this gap by offering an ETF that actually holds Bitcoin.

“Prior to IBTC, Australian investors could only invest through ETFs or offshore Bitcoin products that held Bitcoin indirectly, both of which provided investor protection under the Australian Financial Services License (AFSL) licensing regime for directly held cryptocurrency assets. did not benefit from the regulations. “The company said.

This development in Australia follows the successful launch of a spot Bitcoin ETF in the US earlier this year. These ETFs have achieved significant success, reflecting strong investor interest and trust in Bitcoin. Additionally, Bitcoin ​ETP was listed on the London Stock Exchange and Bitcoin ​ETC (Exchange Traded Product) was also launched in Germany, further highlighting the global trend towards accessible Bitcoin investment products.