The post After US, UK, Europe, Now Australia Enters the Spot Bitcoin ETF Race, Going Live Tomorrow appeared first on Coinpedia Fintech News
Following the footsteps of the US, the UK, Europe, and Asia Pacific Nations, Australia has now joined the ranks of countries offering spot Bitcoin ETF trading. This news has sparked hope in investors, as Bitcoin is gaining global recognition.
As the Monochrome Bitcoin ETF (IBTC) is set to begin trading on the Cboe Australia exchange. Meanwhile, this announcement has boosted Bitcoin’s price to $69k, from its earlier struggle of around $67,650.
Australia Set To Launch First BTC ETF
On June 4th, 2024, Monochrome Asset Management will launch its spot Bitcoin ETF in Australia under the ticker IBTC, with a management fee of 0.98%.
BIG BREAKING AUSTRALIA GOES BIG ON #BITCOIN AUSTRALIA'S FIRST SPOT #BITCOIN ETF TO GO LIVE TOMORROW. pic.twitter.com/8cVtvt3RPe
— BITCOINLFG® (@bitcoinlfgo) June 3, 2024
While Australia already has several exchange-traded products offering Bitcoin exposure, Monochrome Asset Management is the first to receive approval under a new crypto asset licensing category established in 2021 under Australian Financial Services (AFS) licensing rules.
Security and Tracking
The ETF will track the CME CF Bitcoin Reference Rate index, providing direct exposure to Bitcoin’s spot price. Monochrome ensures that IBTC’s holdings are stored offline in a device not connected to the internet, using a crypto custody solution that meets Australian institutional custody regulatory standards.
Growing Adoption of Bitcoin
Before IBTC, Australian investors could only invest in ETFs that indirectly held Bitcoin or through offshore Bitcoin products, neither of which offered the investor protection provided by the directly held crypto asset AFS licensing regime.
Cboe will be the first Australian exchange to list a Bitcoin ETF, ahead of the larger Australian Securities Exchange (ASX), which also plans to approve spot Bitcoin ETFs before the end of the year.
How This Will Impact Bitcoin Price
The successful rollout of spot Bitcoin ETFs in major financial markets has set the stage for Australia to join the trend. Recent data indicates that Bitcoin (BTC) exchange-traded funds (ETFs) have attracted an inflow of $216 million.
Meanwhile, BlackRock’s IBIT ETF saw the largest inflow, with $169.1 million, raising its total net inflow to $16.7 billion. Notably, Grayscale’s GBTC ETF experienced a significant outflow of $124.3 million, the largest since May 1.
As of now, Bitcoin’s price stands at $68,980, marking a 2.3% increase in the past 24 hours, with a market cap of $1.35 trillion
