TL;DR
- Monochrome Asset Management is launching Australia’s first spot Bitcoin ETF (IBTC) on June 4, with a 0.98% management fee, tracking the CME CF Bitcoin Reference Rate index for direct exposure to Bitcoin’s spot price.
- The Cboe exchange will be the first in Australia to list a Bitcoin ETF, indicating a growing recognition of Bitcoin’s potential among Australian financial institutions, with the ASX also rumored to approve Bitcoin ETFs by year’s end.
- Coinbase is targeting Australia’s $600 billion pension market by introducing services for the Self-Managed Superannuation Fund industry, aiming to provide retirees with a secure way to include Bitcoin in their retirement savings.
Australia is poised to make its mark in the cryptocurrency world with the launch of its first spot Bitcoin Exchange-Traded Fund (ETF). This significant development is expected to boost cryptocurrency adoption across the country.
Monochrome Asset Management Leads the Charge
Monochrome Asset Management has announced that barring any unforeseen delays, its Bitcoin ETF (IBTC) will commence trading on June 4. The ETF, which will trade under the ticker IBTC, is set to carry a 0.98% management fee. This fund offers investors a regulated framework to gain exposure to Bitcoin.
The ETF will track the CME CF Bitcoin Reference Rate index, providing exposure directly correlated with the spot price of Bitcoin. This marks a significant milestone for the Australian market, offering investors a more regulated and secure way to access Bitcoin.
Australia’s Financial Institutions Recognize Bitcoin’s Potential
The smaller Cboe exchange is set to make history as the first in Australia to list a Bitcoin ETF, beating out the larger Australian Securities Exchange (ASX). However, rumors are swirling that the ASX is gearing up to approve spot Bitcoin ETFs by the year’s end. This bold step indicates a growing acknowledgment among Australian financial institutions of Bitcoin’s promising future.
The Impact of U.S. Market’s Regulatory Approval
The recent launches are taking advantage of the immense excitement generated by the approval of Bitcoin ETFs by the U.S. market in January. There is a high demand from both institutional and retail investors for regulated Bitcoin investment options.
Wisconsin’s State Investment Board Makes a Splash
In a recent update, the State of Wisconsin Investment Board (SWIB) has made headlines for its significant investment in the world of Bitcoin. A professor linked to the board is said to have acquired $160 million in Bitcoin ETFs.
Coinbase Targets Australia’s Pension Market
Coinbase, the cryptocurrency exchange giant, is gearing up to introduce services specifically designed for Australia’s Self-Managed Superannuation Fund (SMSF) industry.
This strategic move is aimed at tapping into the country’s $600 billion pension market, where there is a rising interest in Bitcoin investments. The goal of Coinbase’s new initiative is to offer Australian retirees an easy and safe method to include cryptocurrency in their retirement savings.
