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Monochrome Bitcoin ETF Commences Trading on Cboe Australia
Coinatory reveals that the Monochrome Bitcoin ETF, designated by the ticker IBTC, is set to begin trading on the Cboe Australia exchange. This ETF, operated by Monochrome Asset Management, has a management fee of 0.98%, giving investors a regulated avenue to Bitcoin investments. The fund functions within a framework regulated by the Australian Securities & Investments Commission (ASIC), guaranteeing adherence to financial regulations and investor protection.

Monochrome Asset Management has assured investors that they retain legal rights to their Bitcoin (BTC) within the fund and have the ability to request withdrawals. Crypto ETF is distinctive in the Australian market, being the first and only fund to hold Bitcoin directly. Consequently, the Cboe Australia exchange is the pioneer in the country to list a Bitcoin ETF. Moreover, the Australian Securities Exchange (ASX) is also aiming to approve spot Bitcoin ETFs by the end of the year.

The ETF is designed to replicate BTC market prices accurately. This design strives to resist market manipulation and be validated by market participants. Monochrome works with Gemini, a well-known crypto exchange, which acts as the custodian for the Bitcoin held within the ETF.

Spot crypto ETFs are configured to track the price of a specific cryptocurrency, channeling portfolio funds immediately into that crypto. These funds are traded on public exchanges and usually mirror the price movements of their underlying cryptocurrencies. Comparable to traditional ETFs, crypto ETFs can be held in standard brokerage accounts, delivering a familiar investment vehicle for traditional investors.

The adoption of the Bitcoin ETF is a significant progress for the cryptocurrency industry. The timing aligns with favorable political and global trends. Early 2024 saw the U.S. Securities and Exchange Commission approve several spot Bitcoin ETFs for listing on all registered national exchanges in the United States.


Additionally, in mid-April, Hong Kong conditionally authorized its first spot Bitcoin and Ethereum ETFs. This move establishes Hong Kong as a leading hub in Asia for cryptocurrency investment. Moreover, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), demonstrating a supportive stance towards the cryptocurrency industry.

The Monochrome Bitcoin ETF stands for a milestone in the Australian financial market, indicating a growing trend of institutional acceptance and regulatory oversight in the cryptocurrency sector. With its unique position as the first directly-held Bitcoin ETF in Australia, it presents investors a regulated and secure option to gain exposure to Bitcoin.

The collaboration with Gemini guarantees robust custodial services, reinforcing investor confidence in the security of their assets. As global regulatory frameworks progress, the introduction of such ETFs is expected to drive further adoption and integration of cryptocurrencies into mainstream financial markets.

This development on Coinatory underscores the progressive steps being taken in various global financial centers to embrace cryptocurrency investments. The approval of spot Bitcoin ETFs in major markets marks a pivotal moment in the broader acceptance and maturation of the crypto industry.

The Monochrome Bitcoin ETF, listed on the Cboe Australia exchange, is a testament to the increasing synergy between traditional financial systems and the innovative world of cryptocurrencies.

Read More: https://coinatory.com/cryptocurrency-news/australias-first-spot-bitcoin-etf-set-to-launch-tuesday-19502/