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Australia: Maiden Spot Bitcoin ETF With ‘Direct’ BTC Holdings to Debut on June 4

June 3, 2024

Monochrome Asset Management’s spot Bitcoin ETF [IBTC] is all set to make its debut in the Australian market on June 4, giving users a regulated and compliant way to access Bitcoin. This product is notably the first spot Bitcoin ETF in Australia that directly holds Bitcoin.

Source: Monochrome

Australia already has a couple of ETPs listed on Cboe Australia that provide investors exposure to spot crypto assets. Unlike Monochrome’s vehicle, they do not hold BTC directly. Monochrome has set a 0.98% management fee for IBTC.

In a statement to blocmates, Jeff Yew, CEO of Monochrome Asset Management, said,

"This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space."

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In mid-July last year, the crypto investment firm announced that its partner, Vasco Trustees, updated its application with the Australian Securities Exchange [ASX] to offer a spot Bitcoin ETF. In fact, the aforementioned move marked the first filing for a spot Bitcoin ETF on ASX under Australia’s new crypto laws.

Nevertheless, in April this year, it revealed its decision to move its ETF application to global listings exchange Cboe Australia. The firm swapped from ASX to Cboe Australia for the listing of its product because the latter venue aligned more with its strategic goals.

In Australia, companies have to first get green-flagged from the regulator, the Australian Securities and Investments Commission [ASIC], before applying to an exchange to list their product.

According to the ASIC’s revised guidance, a high level of “institutional support and acceptance of the crypto asset” should exist for an investment vehicle to get approved. To be more clear cut, “reputable and experienced service providers” should be ready to support ETPs that invest in, or provide exposure to crypto assets. Alongside, there should exist a “mature spot market” and “regulated futures market” for trading derivatives linked to the crypto asset.

Monochrome had already been granted approval from the regulator for its product, and the subsequent Cboe listing paved the path for its official launch.

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