Australia Welcomes its First Physical Bitcoin ETF, Offering Direct Cryptocurrency Exposure
Monochrome’s BTC ETF Will Be the First in Australia to Hold Physical Bitcoin
Monochrome’s upcoming Bitcoin exchange-traded fund (ETF) in Australia is set to be the first of its kind to hold physical Bitcoin as part of its portfolio. This innovative approach is similar to the existing ETF products available in the United States.
Unlike the current exchange-traded products (ETPs) in Australia, which offer indirect exposure to spot crypto assets, Monochrome’s ETF aims to directly hold Bitcoin. This distinction sets it apart from other investment vehicles linked to spot Bitcoin.
Monochrome has already received approval from the Australian Securities Regulator ASIC for two ETPs and is also expecting approval from Cboe Australia by June. The decision to opt for Cboe Australia instead of launching the ETF through ASX aligns with Monochrome’s strategic vision and market reach, according to Jeff Yew, the CEO of Monochrome Asset Management.
Investors in Monochrome’s spot Bitcoin ETF will benefit from a straightforward and transparent way to gain exposure to Bitcoin, similar to the US-based spot Bitcoin ETFs. The approval of spot Bitcoin ETFs by the US Securities and Exchange Commission on January 11 has generated global interest, leading other countries to consider introducing similar products in their own markets.
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Tags: Bitcoin, Bitcoin ETF