Australia is set to join the growing list of countries offering bitcoin spot trading funds (ETF), with the first such product expected to launch in the country tomorrow.
Just in: 🇦🇺 1st place for Australia #Bitcoin The ETF goes live tomorrow.
are you ready? 🚀 pic.twitter.com/EfKqdMU48P
– Bitcoin Magazine (@BitcoinMagazine) June 3, 2024
Mono Asset Management announced that Bitcoin ETF (IBTC) Trading will begin on June 4Waiting for any last minute delays. The ETF will trade under the symbol IBTC and will incur a 0.98% management fee.
Mono Asset Management, the issuer, offers the fund as a way for investors to gain exposure to Bitcoin within a regulated framework. The ETF tracks the CME CF Bitcoin Reference Price Index, providing exposure directly linked to the spot price of Bitcoin.
Cboe will become the first Australian exchange to list a bitcoin ETF, beating the larger Australian Securities Exchange (ASX) to the market. However, according to reports, the ASX is also planning to approve Bitcoin exchange-traded funds before the end of the year.
The launches benefit from increased interest following the impressive regulatory approval of Bitcoin ETFs in the US market in January. These products sparked massive inflows from institutional and individual investors.
Australia is now poised to follow suit in offering investors easy and secure exposure to Bitcoin without direct ownership. As a completely passive ETF, IBTC removes the technical challenges of purchasing real Bitcoin while providing a return profile tied to the price of Bitcoin.
Regulated Bitcoin ETFs were launched this year across North America, the UK, Europe and Asia Pacific. Australia's entry reflects a broader embrace of Bitcoin as an institutional asset class.
Other countries are likely to follow suit, with major markets now offering spot Bitcoin investment funds. The regulated shell provides legitimacy and gives investors a direct way to gain exposure.