Monochrome Officially Launches Australia's First Bitcoin (BTC) Spot ETF
CryptoNewsTerminal Staff04 Jun, 2024
Monochrome Officially Launches Australia's First Bitcoin (BTC) Spot ETF
Monochrome, an Australian digital asset manager, has officially launched its Bitcoin (BTC) spot exchange-traded fund (ETF) called IBTC. The ETF commenced trading on May 4th and has received approval from the Australian Financial Services Licensing (AFSL). Monochrome had previously submitted an application for a BTC spot ETF to CBOE Australia in April. The ETF is designed to provide investors with exposure to the price of Bitcoin without having to purchase or store the cryptocurrency directly. This launch comes after Bloomberg analyst Eric Balchunas pointed out that Australia's first Bitcoin spot ETF was a product launched by GlobalX and 21Shares in May 2022. Monochrome's IBTC is the first spot ETF to be launched by an Australian company. The launch of Monochrome's IBTC is a significant step in the development of the Australian cryptocurrency market. It provides investors with a new and more accessible way to gain exposure to Bitcoin.
