The first spot Bitcoin (BTC) exchange-traded fund (ETF) has begun trading in Australia.
Monochrome Asset Management’s Bitcoin ETF (IBTC) went live on the Cboe Australia exchange today (June 4).
The product is the first and only Australia-based ETF that holds Bitcoin directly, said Monochrome Asset Management in a news release.
“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold Bitcoin or through offshore Bitcoin products,” reads the news release.
Australia previously had two exchange-traded products that offered investors exposure to cryptocurrencies. However, neither of those products directly hold Bitcoin.
Since U.S. regulators approved spot Bitcoin ETFs in January of this year, regions such as Hong Kong and Australia have signaled a willingness to make similar products available to investors.
In April, Hong Kong officially approved the first batch of crypto-related spot ETFs, a first for the city as it strives to become a global hub for cryptocurrencies.
Australia’s market regulator, the Australian Securities and Investments Commission (ASIC), had approved Monochrome’s spot Bitcoin ETF and signalled an openness to approving other crypto ETFs on a case-by-case basis.
The price of Bitcoin has risen 56% so far in 2024 and currently trades at $68,900 U.S.
