Australia's First Spot Bitcoin ETF With Direct BTC Holdings to Go Live on Tuesday

Monochrome Asset Management applied for approval in April. The swift approval reflects a push by the nation to keep up with global trends around crypto-related ETFs.The product is the first and only ETF that holds bitcoin directly in Australia, the company said.

“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing licensing regime,” the announcement said.

Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly.ETF in April 2024. Since the U.S. approved spot bitcoin ETFs in January 2024, regions such as Hong Kong and Australia have signaled an openness to the products. By the end of April, Hong Kong hadthe first batch of crypto-related spot ETFs, a first for the city as it aimed to become a leading digital assets hub.

In Australia firms require the approval of the regulator, the Australian Securities & Investments Commission , and then the exchange listing the product, in this case Cboe Australia. Monochrome had already won approval from ASIC for this product.“This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space,” Jeff Yew, CEO of Monochrome Asset Management.

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