Australia’s First Spot #Bitcoin #ETF Set to Launch Tomorrow 🚀

Australia is set to enhance its financial landscape by launching its first Bitcoin Exchange Traded Funds (#ETFs ) tomorrow.

Managed by Monochrome Asset Management, the ETF, trading under the ticker IBTC on the Cboe exchange, charges a management fee of 0.98% and tracks the CME CF Bitcoin Reference Rate index.

This initiative positions Australia as a leader in embracing crypto currency, following significant investment influxes into similar U.S. products earlier this year.

The decision to list on Cboe, ahead of the larger Australian Securities Exchange (#ASX ), which also plans to approve #BitcoinETFs by the end of the year, taps into the growing global interest in regulated cryptocurrency investments.

The U.S.’s earlier regulatory approval sparked substantial institutional and retail investments, setting a precedent that Australia is keen to follow.

With the introduction of a passive ETF, Australia simplifies Bitcoin investment and underscores its legitimacy as an institutional asset class. This move is expected to encourage further global acceptance and integration of Bitcoin into mainstream financial systems.