Australian investment management firm Monochrome Asset Management will launch a spot Bitcoin exchange-traded fund (ETF), a first in the country, on May 4, 2024. 📈 Monochrome Bitcoin ETF (IBTC) will be the first fund to directly hold BTC in Australia. Necessary measures have been taken for the ETF to be traded on the Cboe Australia stock exchange on June 4.

"The Investment Manager will implement a strictly passive buy-and-hold investment strategy for bitcoin. The fund will not use derivatives, leverage or short selling," Monochrome said on its website.

Monochrome filed to launch IBTC in April as heat from the US spot Bitcoin ETF market spread to other countries. It was previously reported by CryptoPotato that Monochrome received approval to launch a spot Bitcoin ETF in August 2022; however, the fund would offer investors direct exposure to BTC, ether and other cryptocurrencies.

Monochrome's IBTC was approved under a new crypto licensing category implemented by AFS in 2021. The asset manager explained that the ETF will use a custody solution that meets the country's regulatory standards and that its assets will be held offline on a device that is not connected to the internet. 🌐

This development comes as several other countries have approved the listing of spot Bitcoin ETFs, which offer investors direct exposure to the cryptocurrency. The success of the first wave of ETFs launched in the United States earlier this year has triggered a wave that has spread to regions such as Hong Kong.

Hong Kong saw the first spot Bitcoin ETFs on April 30, and analysts expect more countries to approve similar products in the coming months.