This year the United States successfully launched spot Bitcoin ETFs, following this Australia’s first spot Bitcoin ETFs starts trading from 4 July 2024.
After the opening of Cboe Australia exchange, Monochrome Asset Management’s Bitcoin ETF (IBTC) starts trading. Trading under the ticker IBTC, the ETF carries a management fee of 0.98%.
Spot Bitcoin ETF: IBTC offers direct access to BTC
After this breakthrough, IBTC become the first fund in the country to offer direct Bitcoin holdings. Now, investors can directly get access to BTC.
Australia already has two Bitcoin ETFs which provides exposure to spot Bitcoin without holding Bitcoin directly. The new monochrome ETF varies as it provides an ETF that actually holds Bitcoin.
“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” the company stated.
Global trends bend towards Bitcoin
Bitcoin seeks strong interest and confidence from investors after the successful launch of these ETFs.
Bitcoin ETPs have gone live on the London Stock Exchange, and Bitcoin Exchange-Traded Commodities (ETCs) have gone live in Germany, thus promoting Bitcoin investment products.
The year 2024 has been exceptionally kind to Bitcoin. The whole crypto market has become immensely favorable to BTC investors on the account of ETF approval by SEC for both Bitcoin and Ethereum. the opening of Bitcoin ETF Trading in Australia will continue the bullish uptrend of BTC in the months to come.
Crypto market are however volatile. One should do their own research or seek financial advice before investing.
Also Read: Peter Brandt predicts Bitcoin Price Rising to $150,000 by 2025
