After two months of announcing that its spot Bitcoin ETF received approvals, Monochrome stated that Australia’s Bitcoin ETF, the first in the country, is going live on June 4.
Australia is finally going to witness its first spot Bitcoin ETF, as the asset management firm Monochrome has confirmed it. In April 2024, the firm had published a press release regarding the development. It had entered into an agreement with Cboe Australia for the crypto ETFs. Now that Australia’s Bitcoin ETF is also going to go live, the country may witness a big rise in adoption.
Crypto ETFs directly invest in crypto assets, allowing investors to gain exposure to its price movements. It removes the complexities of directly acquiring, storing, and managing the crypto itself. As a result, crypto ETFs have proved to increase adoption among new crypto investors in a large way.
Meanwhile, Monochrome’s CEO Jeff Yew said, “This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space.” With the move, Monochrome has joined asset managers in the US and Hong Kong that issue crypto ETFs.
Before the upcoming spot Bitcoin ETF, there were investment products in Australia that indirectly invested in BTC. Investors had to also go through off-shore ETFs to gain exposure to BTC. This ETF solves this issue and provides regulatory protection to investors. Moreover, Australia’s Bitcoin ETF will be an added booster for the increasing number of crypto investors in the country.
One of the benefits of the upcoming spot Bitcoin ETF is its potential to attract institutional capital. Institutional investors are often cautious of crypto due to regulatory uncertainty and a lack of familiarity with the underlying technology. They can now enter the crypto market through a familiar and regulated framework offered by spot ETFs.
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