- Monochrome’s spot Bitcoin ETF offers direct exposure to Bitcoin, following the CME CF Bitcoin Reference Rate.
- Investors can trade the IBTC on Australia’s Cboe market, with a maintenance charge of $0.98.
- Monochrome’s IBTC holdings are securely stored offline, meeting Australian institutional custodial standards.
Monochrome Asset Management, a crypto asset management firm, officially launched and traded spot Bitcoin ETFs in Australia on Tuesday, June 4, 2024. With its introduction, Monochrome becomes the first firm in Australia to provide this investment product.
According to its official site, the Monochrome Bitcoin ETF (IBTC) is intended to supply investors with direct introduction to Bitcoin by following the CME CF Bitcoin Reference Rate (BRR) list, which is straightforwardly related to the Bitcoin spot cost. Investors can now exchange it on Australia’s Cboe market for a maintenance charge of $0.98.
Monochrome explains that IBTC holdings are stored offline using devices that are not connected to the internet, utilizing a crypto custodial solution that meets “Australian institutional custodial regulatory standards.”
Jeff Yew, CEO of Monochrome, previously emphasized Australia’s robust crypto sector and projected considerable demand for this Bitcoin ETF. He expects the ETF to urge net inflows of $3 to $4 billion amid the primary three years, generally from institutional investors and self-managed super fund (SMSF) investors.
The launch of IBTC takes advantage of the growing interest in this investment product. The approval of a spot Bitcoin ETF in the United States in early 2024 has resulted in substantial inflows from institutional and ordinary investors.This trend is also seen in other regions, such as Hong Kong, which has established a regulated Bitcoin ETF.
Investors benefit from the Monochrome Bitcoin ETF in a variety of ways, including the fact that IBTC directly holds Bitcoin, offering transparency and security. Another advantage is that IBTC is subject to ASIC’s stringent regulations, which ensure investor protection and upholding the best standards. Additionally IBTC can be traded easily on the Australian Cboe exchange, providing high accessibility for investors.
Monochrome isn’t the only company eyeing the Bitcoin ETF market in Australia. VanEck and DigitalX are also in the process of establishing Bitcoin ETFs on the ASX. This rivalry is expected to drive innovation and provide investors with additional options.
The launch of the Monochrome Bitcoin ETF marks a new era for Australia’s digital asset markets. More Bitcoin ETFs are expected to develop, expanding investors’ options and access to this revolutionary digital asset.
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