Australia set to debut its first spot Bitcoin ETF, marking a milestone for cryptocurrency adoption in the country.
Coinbase targets Australia’s $600 billion pension market with new crypto services for retirees.
Wisconsin’s state investment board makes a splash with a $160 million Bitcoin ETF purchase.
Australia is set to join the growing ranks of countries offering spot Bitcoin Exchange-Traded Funds (ETFs) with the expected launch of its first such product the next day.
JUST IN: 🇦🇺 Australia's first spot #Bitcoin ETF to go live tomorrow.Are you prepared? 🚀 pic.twitter.com/EfKqdMU48P
— Bitcoin Magazine (@BitcoinMagazine) June 3, 2024
Barring any last-minute delays, Monochrome Asset Management has announced its Bitcoin ETF (IBTC) will begin trading on June 4. Trading under the ticker IBTC, the ETF will carry a 0.98% management fee. Monochrome Asset Management, the ETF’s sponsor, is offering this fund as a way for investors to gain exposure to Bitcoin within a regulated framework.
By tracking the CME CF Bitcoin Reference Rate index, the ETF will provide exposure directly correlated with the spot price of Bitcoin. This launch marks a significant milestone for the Australian market, allowing investors to access Bitcoin in a more regulated and secure manner.
While the smaller Cboe exchange will be the first in Australia to list a Bitcoin ETF, ahead of the larger Australian Securities Exchange (ASX), sources indicate the ASX is also likely to approve spot Bitcoin ETFs before year-end. This aggressive move suggests that Australian financial institutions are increasingly recognizing Bitcoin’s potential.
These launches capitalize on the unprecedented interest sparked by the U.S. market’s regulatory approval of Bitcoin ETFs in January. Those products saw substantial inflows from both institutional and retail investors, indicating a strong appetite for regulated Bitcoin investment vehicles.
In a related development, the State of Wisconsin Investment Board (SWIB) has drawn attention for its sizable investment in the Bitcoin space. A university professor associated with the board reportedly purchased $160 million worth of Bitcoin ETFs.
NEW: 🇺🇸 University professor on State of Wisconsin Investment Board buying $160 million of #Bitcoin ETF.“I think it’s just an entry point.” 🙌 pic.twitter.com/szSDknyMh1
— Bitcoin Magazine (@BitcoinMagazine) June 3, 2024
In a parallel development, cryptocurrency exchange giant Coinbase announced its forthcoming launch of services tailored to Australia’s Self-Managed Superannuation Fund (SMSF) industry.
This move targets the nation’s $600 billion pension market, which is experiencing growing demand for Bitcoin investments. Coinbase’s initiative aims to provide Australian retirees with a simple and secure way to incorporate cryptocurrency into their retirement portfolios.
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