Australia Launches First Spot Bitcoin ETF in Big Step Toward Crypto Adoption

• Australia unveils its first spot Bitcoin exchange-traded fund offering direct access to BTC
• Monochrome Bitcoin ETF (IBTC) begins trading Tuesday on the Cboe Australia exchange
• Bitcoin jumped 4% to kick off weekly trading, with prices floating near the $70,000 mark

Australia Rolls Out First Spot Bitcoin ETF

Australia is joining a growing list of countries warming up to cryptocurrency. After years of waiting, Australian investors can now get their hands on actual Bitcoin thanks to the launch of the first spot Bitcoin exchange-traded fund (ETF). 

The Monochrome Bitcoin ETF (IBTC), packaged by Monochrome Asset Management, will be listed on the Cboe Australia exchange and will start trading on Tuesday. It will allow professional money managers and ordinary consumers alike to get a piece of the original cryptocurrency in a regulated and transparent way. 

Paving the Way Toward Crypto Adoption

The milestone marks Australia’s first step in offering direct access to Bitcoin. Presently, this is the only Australia-based ETF to carry genuine Bitcoin, and not futures contracts. 

“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 ETF issuer said in its official statement. 

Bitcoin Price Nears $70,000

In the lead-up to the launch, the price of Bitcoin moved higher by 4%, nearing $70,000 per coin. Over the month of May, the leading crypto asset gained a solid 13%, outperforming most of the large-cap assets such as America’s broad-based S&P 500 index.