Australia is set to make a significant move in the world of cryptocurrency with the launch of its first spot Bitcoin exchange-traded fund (ETF) tomorrow. Monochrome Asset Management announced that the Bitcoin ETF (IBTC) will begin trading on June 4th, offering investors a regulated way to gain exposure to the popular digital asset.
The ETF will trade under the ticker IBTC and will have a management fee of 0.98%. It will track the CME CF Bitcoin Reference Rate index, providing investors with exposure directly tied to the spot price of bitcoin. This move marks a significant step for Australia, as it becomes the latest country to offer a regulated Bitcoin ETF to investors.
Cboe will be the first Australian exchange to list a bitcoin ETF, beating out the larger Australian Securities Exchange (ASX) to the market. However, reports suggest that the ASX is also planning to approve spot Bitcoin ETFs later this year. The launch comes on the heels of the successful regulatory approval of Bitcoin ETFs in the US market earlier this year, which saw significant interest from both institutional and retail investors.
With the launch of the IBTC ETF, Australia is poised to provide investors with a secure and easy way to gain exposure to bitcoin without the need for direct ownership. This move reflects the growing acceptance of Bitcoin as an institutional asset class, with regulated Bitcoin ETFs now available in various markets around the world.
As more countries embrace the idea of spot Bitcoin ETFs, investors are presented with a legitimate and straightforward way to invest in the digital asset. The launch of Australia’s first Bitcoin ETF signals a new era for cryptocurrency investment in the country, opening up opportunities for both institutional and retail investors to participate in the growing market.
