Australia's First Bitcoin Spot ETF Issuer Launches Product Listing
CryptoNewsTerminal Staff03 Jun, 2024
Australia's First Bitcoin Spot ETF Issuer Launches Product Listing
Monochrome, the digital asset management firm behind Australia’s first physically backed Bitcoin exchange-traded fund (ETF), has officially listed the Bitcoin ETF product on Cboe Australia (Cboe). The ETF, known as the Monochrome Bitcoin ETF (ASX: MBT), began trading on Cboe on May 24. The MBT provides investors with a convenient and regulated way to access the Bitcoin market, without the need for them to hold the underlying cryptocurrency directly. The ETF is backed by physical Bitcoin, and its value will track the spot price of Bitcoin. Monochrome’s CEO, Jeff Yew, said that the launch of the MBT is a significant milestone for the Australian cryptocurrency market. "This is a landmark moment for the Australian cryptocurrency industry," Yew said. "The launch of the MBT provides investors with a safe and accessible way to gain exposure to Bitcoin, and it will help to further legitimize the cryptocurrency asset class in Australia." The MBT is expected to appeal to a wide range of investors, including both institutional and retail investors. The ETF has a low management fee of 0.5%, and it is available to trade in Australian dollars.
