Australia’s First Spot Bitcoin ETF to Begin Trading in Australia

• Monochrome’s spot Bitcoin ETF, IBTC, starts trading on Cboe Australia tomorrow at 10:00 am (AEST), holding Bitcoin directly.
• IBTC is the first Australian ETF to hold Bitcoin directly, offering regulated cryptocurrency exposure.
• The ETF launch comes after approvals from ASIC and Cboe Australia.

On June 4, spot Bitcoin ETF of Monochrome Asset Management begins trading in Cboe Australia, offering investors a regulated way to gain exposure to the leading cryptocurrency. Unlike the existing ETFs, the IBTC ETF is designed to hold Bitcoin directly. 

The CEO of Monochrome, Jeff Yew, stated, “We anticipate significant interest given the consistent growth of indirect Bitcoin ETF products in recent months.” He also noted the firm’s readiness to introduce an Ether ETF, which will similarly hold the asset directly.

The launch of Bitcoin ETF by Monochrome follows the global trend of regulated cryptocurrency. In January of this year, the U.S. SEC approved the first spot Bitcoin ETFs and gathered $53.16 billion in net assets. 

In Australia, the launch of Monochrome’s ETF is a response to the growing demand for direct Bitcoin exposure within a regulated framework. Before IBTC, Australian investors could only access Bitcoin through indirect ETFs or offshore products, lacking local investor protection regulations. In compliance with Australian institutional custody standards, Bitcoin will be stored offline, and the ETF promises security. 

Investors can withdraw and self-custody their Bitcoin due to a feature called in-kind redemption. This flexibility is expected to attract a wide range of investors looking for secure and direct Bitcoin investment options.