[ad_1]
Australia now officially has its first spot Bitcoin ETF that directly holds BTC. The Monochrome Asset Management’s Bitcoin ETF (IBTC) just began trading as the Cboe Australia exchange opened. Trading under the ticker IBTC, the ETF carries a management fee of 0.98%.
BREAKING: 🇦🇺 Australia's first spot #Bitcoin ETF to hold #BTC directly officially begins trading. pic.twitter.com/k4OPyPDm5O
— Tech Zone Daily (@BitcoinMagazine) June 4, 2024
This milestone makes IBTC the first fund in the country to offer direct Bitcoin holdings, providing investors with straightforward access to BTC. This new product stands apart from the two existing spot Bitcoin ETFs in Australia, which provide exposure to spot Bitcoin without holding Bitcoin directly. Monochrome’s ETF fills this gap, by providing an ETF that actually holds Bitcoin.
“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 company stated.
This development in Australia follows the successful launch of spot Bitcoin ETFs in the United States earlier this year. These ETFs have seen considerable success, reflecting strong investor interest and confidence in Bitcoin. Additionally, Bitcoin ETPs have gone live on the London Stock Exchange, and Bitcoin Exchange-Traded Commodities (ETCs) have gone live in Germany as well, further highlighting the global trend towards accessible Bitcoin investment products.
[ad_2]
Source link
