Australia launches the first spot Bitcoin ETF

Australia has officially joined a team of pioneering countries in the field of Bitcoin investment, including Hong Kong, Canada and the US, with the launch of the first spot Bitcoin ETF fund that allows investors to hold Bitcoin directly.

Australia's first spot Bitcoin ETF named Monochrome Bitcoin ETF (IBTC), will officially be available on the Cboe Australia exchange on Tuesday, June 4. This is an important step forward, marking the development of the digital asset market in this country.

Although Australia previously had a number of Bitcoin-related trading products on the exchange, Monochrome Asset Management's IBTC was the first fund to be licensed under the Australian Financial Services (AFS) new crypto asset regulation in 2021. This means that IBTC will be allowed to hold Bitcoin directly, instead of through derivatives as before. Monochrome is committed to ensuring the safety of IBTC's Bitcoin holdings by storing them offline in dedicated, non-Internet devices and using a custody solution that meets Australia's strict standards.

Monochrome CEO Jeff Yew shared that he expects IBTC to attract great interest from investors, based on the steady growth of indirect Bitcoin ETF products in recent months.

Not only stopping at Bitcoin, Monochrome also plans to launch a similar ETH ETF, which will also directly hold Ethereum. The company is also actively exploring other opportunities in the digital asset sector to meet the growing demand of investors.

The birth of IBTC is considered an important turning point, which can promote investment capital inflows into the Bitcoin market in Australia and contribute to the development of the blockchain industry in general.$BTC #BTCETF_COIN