๐Big news, BTC enthusiasts! Monochrome Asset Management, an Australian investment firm, is set to launch the country's first-ever spot Bitcoin exchange-traded fund (ETF) - the Monochrome Bitcoin ETF (IBTC) - on May 4, 2024. ๐
This isn't just any ETF; it's the first to hold BTC directly in Australia! The IBTC is scheduled to be listed for trading on the Cboe Australia exchange on June 4. Monochrome's strategy? A strictly passive buy and hold investment strategy for bitcoin, without the use of derivatives, leverage, or short selling. ๐
Monochrome applied to launch IBTC in April, as the U.S. spot Bitcoin ETF market heat spread globally. The firm received approval to launch a spot Bitcoin ETF in August 2022, offering investors direct exposure to BTC, ether, and other cryptocurrencies. ๐
While other firms have released Bitcoin ETFs that indirectly hold BTC or gain exposure through offshore products, Monochromeโs IBTC is different. It was approved under a new crypto licensing category implemented by the Australian Financial Services (AFS) in 2021. The ETF will use a custody solution that meets the countryโs regulatory standards, and its holdings will be kept offline in a device not connected to the internet. ๐ก๏ธ
This exciting development comes as several other countries approve the listings of spot Bitcoin ETFs, offering investors direct exposure to the cryptocurrency. The success of the first wave of ETFs launched in the U.S. earlier this year has triggered a wave that is spreading across regions like Hong Kong. ๐
So, gear up, BTC fans! The Bitcoin ETF wave is here, and it's making waves in Australia! ๐โโ๏ธ๐