Australia gets first spot ETF that holds Bitcoin directly

Australia is set to join Hong Kong, Canada and the U.S. in offering investors an ETF that invests in and directly holds Bitcoin.

Australia’s first spot Bitcoin exchange-traded fund (ETF) — which holds the asset directly — is set to launch for trading when markets open on Tuesday.

The Monochrome Bitcoin ETF (IBTC) will begin trading at markets open on the Cboe Australia exchange on Tuesday, June 4.

Australia already has several exchange-traded products offering exposure to Bitcoin, but Monochrome Asset Management is the first to get approval under a new crypto asset licensing category made under Australian Financial Services (AFS) licensing rules in 2021.

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