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Australia's First Spot Bitcoin ETF With Direct BTC Holdings to Go Live on Tuesday
Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly.
In this article
- The nation's first spot-bitcoin ETF to hold bitcoin directly launches in Australia 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.
Australia-based Monochrome Asset Management’s Monochrome bitcoin
exchange-traded fund (ETF) (IBTC) will begin trading on the Cboe Australia exchange on Tuesday, the company told CoinDesk.The product is the first and only ETF that holds bitcoin directly in Australia, the company said.
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“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 (AFSL) 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.
The company applied for a spot bitcoin (BTC) 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 had officially approved the 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 (ASIC), and then the exchange listing the product, in this case Cboe Australia. Monochrome had already won approval from ASIC for this product.
Cboe Australia did not immediately respond to a CoinDesk request for comment.
“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.
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Ano ang dapat malaman:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
