Monochrome Asset Management Company announced Monochrome Bitcoin ETF (IBTC) will carry out the reserve verification process through a new partnership with HosikiThis makes IBTC the first Australian Bitcoin ETF to adopt such transparency measures.
The Monochrome Bitcoin ETF, which launched earlier this year, has seen steady inflows of 134 bitcoins worth over A$11 million, and the fund is now partnering with Hoseki to provide daily proof of its bitcoin holdings.
Hoseki’s advanced verification process, known as Hoseki Verified, will allow Monochrome to provide independently verified evidence that investors’ assets are fully accounted for. This ongoing auditing process sets a higher standard for transparency in Australian Bitcoin ETFs.
“Proof of reserves is critical to establishing full operational transparency for Bitcoin ETFs,” said Jeff Yu, CEO of Monochrome Asset Management. “Our partnership with Hosiki highlights our commitment to setting the highest standards of integrity and reliability for Bitcoin ETFs, setting a precedent in the industry.”
According to Monochrome, Hoseki’s integration also aligns with its unique ability to handle direct Bitcoin applications and redemptions, ensuring privacy while maintaining transparency.
As a leading Bitcoin verification provider, Hoseki will conduct real-time verification that IBTC’s Bitcoin reserves match its stated holdings. This provides clear proof of assets to investors. This initiative could lead to wider adoption of stringent verification measures across the Bitcoin ETF landscape.