🚀🚀Australia-based Monochrome Asset Management is set to debut its spot bitcoin exchange-traded fund (ETF), IBTC, on the Cboe Australia exchange this Tuesday, June 4. This will be Australia’s first ETF to directly hold bitcoin. Previously, Australian investors were limited to indirect bitcoin ETFs or offshore options, which did not offer the same investor protections established by the Australian Financial Services Licensing (AFSL) framework in 2021. Monochrome’s CEO, Jeff Yew, anticipates significant demand for this new ETF, citing the recent surge in popularity of indirect bitcoin ETFs. The IBTC’s bitcoin reserves are securely stored offline, adhering to stringent Australian institutional custody guidelines. Unlike U.S. spot bitcoin ETFs, which are cash-based, Monochrome’s spot bitcoin ETF permits in-kind redemptions.
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