Australia’s first spot Bitcoin ETF, the Monochrome Bitcoin ETF, will start trading on the Cboe Australia exchange on Tuesday. Listed as IBTC, it carries a management fee of 0.98% and allows investors to access Bitcoin within a regulated framework overseen by the Australian Securities & Investments Commission (ASIC).
This ETF is the first in Australia to hold Bitcoin directly, granting investors legal rights to their Bitcoin and enabling withdrawals. Monochrome collaborates with Gemini as the Bitcoin custodian, ensuring security and compliance.
The ETF aims to mirror BTC market prices and withstand manipulation, enhancing its reliability. The launch comes amid a positive global political climate for crypto, with similar advancements in the U.S. and Hong Kong.
This development signifies Australia’s strategic move towards embracing cryptocurrency, positioning itself alongside leading global markets.
