Today, June 4, is the expected date for the launch of the first Bitcoin spot trading fund (ETF) by Australian investment management company Monochrome Asset Management in Australia.
According to the announcement, the Monochrome Bitcoin ETF (IBTC) will be the first fund to directly hold Bitcoin in Australia.
Appropriate measures have been taken to list the exchange-traded fund (ETF) on the Cboe Australia exchange on June 4.
It is worth noting that Monochrome had previously obtained approval to launch a spot Bitcoin ETF in August 2022. However, the goal of the fund was to give investors direct exposure to Bitcoin, Ethereum, and other cryptocurrencies, but the plan was later modified to focus solely on Bitcoin.
Over the past years, several other companies have issued Bitcoin ETFs that indirectly hold Bitcoin or gain exposure to the cryptocurrency through external products.
The latest development comes as several other countries agree to list spot bitcoin ETFs, providing investors with direct exposure to the cryptocurrency.
The success of the first wave of ETFs launched in the US earlier this year sparked a wave that spread across several regions such as Hong Kong and Australia.
Hong Kong saw its first Bitcoin spot ETFs on April 30, and analysts expect more countries to greenlight similar products in the coming months.
