Home Business Australia’s First Spot Bitcoin ETF With Direct BTC Holdings to Go Live on Tuesday

Australia’s First Spot Bitcoin ETF With Direct BTC Holdings to Go Live on Tuesday

by Asia Insider

Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly.

Australia-based Monochrome Asset Management’s Monochrome bitcoin (BTC) exchange-traded fund (ETF) (IBTC) will begin trading on the Cboe Australia exchange on Tuesday, the company told CoinDesk.

The product is the first and only ETF that holds bitcoin directly in Australia, the company said.

“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” the announcement said.

Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly.

The company applied for a spot bitcoin (BTC) ETF in April 2024. Since the U.S. approved spot bitcoin ETFs in January 2024, regions such as Hong Kong and Australia have signaled an openness to the products. By the end of April, Hong Kong had officially approved the first batch of crypto-related spot ETFs, a first for the city as it aimed to become a leading digital assets hub.

In Australia firms require the approval of the regulator, the Australian Securities & Investments Commission (ASIC), and then the exchange listing the product, in this case Cboe Australia. Monochrome had already won approval from ASIC for this product.

Cboe Australia did not immediately respond to a CoinDesk request for comment.

“This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space,” Jeff Yew, CEO of Monochrome Asset Management.

Source: Vietnam Insider

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