- Australian regulators have approved the first spot Bitcoin ETF.
- Monochrome is the first asset manager in the country to offer such a product.
- The Monochrome Bitcoin ETF will debut this week.
Spot BItcoin ETFs have become the talk of the town following the runaway success of U.S.-based BTC ETF products, which debuted in January. Hong Kong followed suit by launching three spot BTC ETFs on April 30, but these funds have so far disappointed as total investment capital has experienced net outflows.
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Despite Hong Kong’s stuttering start, Australian regulators have approved the launch of the country’s first spot Bitcoin ETF product.
Australia Gets Its First Spot Bitcoin ETF
Australian regulators have approved the launch of the first spot Bitcoin ETF on the Cboe exchange.
Following the green light from the Australian Financial Services (AFS), monochrome asset managers hosted an event last week to celebrate receiving regulatory approval.
During the event, it was highlighted that the license allows the ETF to hold Bitcoin directly, with the holdings stored offline in compliance with required Australian institutional custody standards.
Additionally, the Monochrome Bitcoin ETF for investors, unlike its U.S. counterparts which are cash-settled. This means investors will be able to withdraw Bitcoin from their trading accounts.
Analysts expect the Monochrome Bitcoin ETF (IBTC) to start trading when the on Tuesday, June 4.
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