The first Australian Bitcoin exchange-traded fund (ETF) that directly holds the cryptocurrency is scheduled to begin trading on the Cboe Australia exchange on Tuesday, June 4.
The Monochrome Bitcoin ETF (IBTC) has received approval under a new cryptocurrency licensing category introduced in 2021 by the Australian Financial Services (AFS) licensing rules.
This new category allows the ETF to hold Bitcoin directly, setting it apart from other exchange-traded products in the country.
Monochrome has stated that the ETF’s Bitcoin holdings will be securely stored offline in a device not connected to the internet, with a custody solution that meets Australian institutional regulatory standards.
This development gives Australian investors access to an ETF that directly holds Bitcoin, providing them with greater investor protection compared to other indirect or offshore Bitcoin products.
