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- Monochrome Asset Management, an Australian investment firm, is set to launch a groundbreaking spot Bitcoin exchange-traded fund (ETF) on May 4, 2024.
- This ETF, named the Monochrome Bitcoin ETF (IBTC), will be the first in Australia to hold Bitcoin directly and is scheduled to begin trading on the Cboe Australia exchange one month later, on June 4.
- “The Investment Manager will implement a strictly passive buy and hold investment strategy for bitcoin. The fund will not use derivatives, leverage, or short selling,” detailed Monochrome on its website.
The first Australian spot Bitcoin ETF offers direct exposure, aiming to revolutionize local crypto investments by implementing a passive strategy and stringent safety measures.
Monochrome to Launch IBTC in Australia
Monochrome had initially aimed to launch IBTC in April, responding to the growing interest in spot Bitcoin ETFs seen across various regions, including the U.S. The company had already received approval back in August 2022, but this ETF is designed to provide direct Bitcoin exposure to investors, unlike previous offerings which included multiple cryptocurrencies like Bitcoin and Ether.
Historically, other companies have launched Bitcoin ETFs, but these typically provided indirect exposure by holding associated assets or using offshore products. For example, 21Shares has been a leader in such indirect crypto ETF offerings. These existing funds have given Australian investors avenues to capitalize on Bitcoin’s growth, but Monochrome’s direct holding structure aims to improve investor security.
Jeff Yew, CEO of Monochrome and former chief executive of Binance Australia, emphasized that existing products do not offer the same level of investor protection as those approved under the Australian Financial Services (AFS) licensing regime. Monochrome’s new ETF will have a different approach, ensuring enhanced security for its investors.
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The Spot Bitcoin ETF Wave
This move by Monochrome is part of a growing global trend where various nations have started to approve spot Bitcoin ETFs, allowing for direct investments in the cryptocurrency. The initial success of these ETFs in the U.S. has ignited a broader interest, prompting regions like Hong Kong to follow suit.
Notably, Hong Kong introduced its first spot Bitcoin ETFs on April 30, setting a precedent for future approvals worldwide. Analysts predict that more countries will follow this trend, offering investors diverse yet regulated access to Bitcoin.
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Conclusion
Monochrome Asset Management’s introduction of the IBTC ETF marks a significant development in the Australian crypto investment landscape. By providing direct exposure to Bitcoin under strict regulatory standards, Monochrome aims to set a new benchmark in investor security and market accessibility. This move not only aligns with a global trend but also strengthens Australia’s position in the evolving world of cryptocurrency investments.
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