Australia’s Bitcoin Spot ETF has set expectations high, with resources claiming that the launch of AUS’s first Bitcoin Spot ETF will be the rising sun tomorrow. Monochrome Asset Management will start trading IBTC BTF on the CBOE Australia Exchange tomorrow itself, that is, June 4, 2024.
Monochrome Asset Management is an Australian-based investment firm committed to providing a safe path for investors to navigate through the crypto maze and is a leading provider of regulated crypto-asset investment solutions. At present, it is the main player behind the successful launch of Bitcoin Spot ETF.
Further Plannings –
The IBTC ETF will have a 0.98% management fee and trade with its symbol IBTC. The ETF is intended to provide investors with direct exposure to Bitcoin by tracking the CME CF Bitcoin Reference Rate index, which links its value to the current price, The technological difficulties and complexity involved in buying and maintaining real Bitcoin are eliminated by using this method.
Currently, BTC is trading at $68,904.28 showing an upward trend of 1.3%.
A Glimpse Of The Past –
Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold Bitcoin or through offshore Bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” Monochrome Asset Management stated.
Before this particular launch, Australian investors could only have access to Bitcoin if they had local ETFs not having hold of BTC directly. Hence, the introduction is a great milestone for the Australian Securities & Investment Commission (ASIC). Not only this, the launch is also a big step forward for Cboe which is now the first Australian Exchange to list BTC ETF, ahead of the Australian Securities Exchange which is even expected to approve BTC ETFs by the end of the year.
What Does This Launch Reflect?
- The approval process of IBTC indicates the clear commitment of the country to keep up with the global trend of ETF adoption. Just like the SEC has allowed ETH ETF, BTC has made its way into the Australian market.
- There is a growing interest in regulated investment vehicles.
- Approval of spot BTC ETFs in the US earlier prompted substantial inflows from institutional and retail investors.
- Trend mirrored in other regions: Canada, Brazil, UK, Europe, and Hong Kong with all launching regulated Bitcoin ETFs.
Summary –
The launch of Bitcoin Spot ETF tomorrow is not just a big milestone for ASIC but also represents the growing likingness and acceptance of the crypto as a useful, digital asset. This step is a crucial one from an investor’s point of view, providing them with leveled-up protection and easily accessible investment options.
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