As a seasoned crypto investor, I’ve witnessed the ups and downs of this volatile market firsthand. The announcement of Monochrome’s spot Bitcoin ETF (IBTC) listing on Cboe Australia brings a sense of excitement and validation to the community. With a management fee of only 0.98% and direct Bitcoin holdings, it’s a game-changer for Australian investors seeking exposure to Bitcoin within a regulated framework.
The Monochrome Bitcoin ETF will begin trading on the Cboe Australia exchange.
As a researcher studying exchange-traded funds (ETFs), I can share that the IBTC ETF I’m examining comes with a management fee of 0.98%. This fee is charged by Monochrome Asset Management, the issuer, who brings this fund to market, enabling investors to gain exposure to Bitcoin within a regulated investment structure.
Under the watchful eye of the Australian Securities & Investments Commission (ASIC), this regulatory framework safeguards investors and enforces financial laws.
Investors holding Bitcoin (BTC) in the fund are legally entitled to make withdrawal requests, as declared by the company. This is the initial and unique Australian ETF that directly holds Bitcoin. Cboe becomes the pioneering Australian exchange to introduce a Bitcoin ETF, preceding ASX’s intended launch of spot Bitcoin ETFs by year-end.
Tomorrow marks the day Australia no longer misses out on a Bitcoin Exchange-Traded Fund (ETF) as Monochrome’s launch approaches. Unlike foreign ETFs, Monochrome enables investors to actually withdraw their bitcoin holdings. The journey to reaching this point has been long and arduous – best of luck with the launch! 🔥— WizardofAus 🇦🇺丰🔑⚡ (@BTCSchellingPt) June 3, 2024
The Spot Bitcoin ETF, designed to mimic the price of Bitcoin, resist market manipulation, and gain acceptance among investors, partners with Gemini as its custodian for handling Bitcoin.
As a researcher studying the world of investing, I would describe a crypto Exchange-Traded Fund (ETF) as follows: I manage a fund that mirrors the price of a specific cryptocurrency. By investing my portfolio’s resources into this digital currency, my ETF allows investors to trade it on public exchanges just like they would with stocks. Despite being traded like traditional stocks, crypto ETFs are essentially investment vehicles that provide exposure to the underlying crypto asset. Investors can easily purchase and hold these funds within their standard brokerage accounts on regular stock exchanges.
Bitcoin ETF adoption
From my analysis as a market observer, the timing of this Spot Bitcoin ETF announcement is particularly auspicious for the crypto industry. The political climate appears more favorable, and the global stage seems ripe for further adoption and integration of digital assets into traditional financial systems.
Starting in early 2024, the United States Securities and Exchange Commission approved multiple Bitcoin spot Exchange-Traded Funds (ETFs) for listing on all nationally registered stock exchanges in the US.
As a crypto investor, I’m thrilled about the development in Hong Kong. In mid-April, this dynamic city took a significant step forward by conditionally approving its first Bitcoin and Ethereum ETFs. This decision puts Hong Kong at the forefront of Asia, making it the trailblazer in adopting cryptocurrencies as a primary investment option.
The US House of Representatives approved the Financial Innovation and Technology for the 21st Century Act (FIT21), signaling to the crypto sector that the United States is open to working with the industry.
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2024-06-03 21:24