Bitcoin ETF

Bitcoin

April

<ul class="list-ic vertical">
 <li>1 <a>After three months of processing and approval of ETF applications, Australia’s first BTC ETF is expected to start trading on June 4, 2024.</a></li>
 <li>2 <a>It is a tremendous milestone in the journey of digital assets in the country.</a></li>
 <li>3 <a>The first ETF that is to begin trading is listed as IBTC from Monochrome Asset Management.</a></li>
</ul>
Australia will soon become the third country to allow the trading of spot exchange traded funds (ETF) instruments, with Bitcoin as its underlying currency. The BTC ETF products will be listed on the CBOE in Australia.
Initially, the BTC ETF was expected to go live on the largest stock exchange in the country, the Australian Stock Exchange (ASX). However, CBOE bagged the milestone. On April 5, Monochrome Asset Management, an investment management firm based in Australia, applied for the Monochrome Bitcoin ETF (IBTC).&nbsp;
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 <blockquote class="twitter-tweet">
 AUSTRALIA <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETF Launches tomorrow IN KIND redemptions Pretty cool But it’s still an ETF buy bitcoin and hold in self custody. Great for pension/ retirement funds and certain companies. Well done Monochrome<a href="https://t.co/2JKwmFH6lr" rel="noopener noreferrer nofollow">https://t.co/2JKwmFH6lr</a> <a href="https://t.co/sIX1zuoD7E" rel="noopener noreferrer nofollow">pic.twitter.com/sIX1zuoD7E</a>— Sean Clarke (@seanclarke911) <a href="https://twitter.com/seanclarke911/status/1797544643607023949?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 3, 2024</a>
 </blockquote>
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The Monochrome <a href="https://www.thecoinrepublic.com/2024/05/16/bitcoin-etf-a-big-no-no-for-vanguard-says-new-ceo-salim-ramji/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF</a> with CBOE ticker, IBTC, will begin to accept investments from interested investors and it will be available on the CBOE exchange platform from June 4.
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/61sqRDSQ5R4nMRpwFloTcdgisqQN5nbUe3GeTs7amGxzvneNyXgQKTGdyJZaDZf13pjZgFX2Ux7ae4zjuqC_gV0b-2aKBXAPINRy3KG-Pugecr2DtuWqNZYmZwbw5kP3YZVStV3CIFvg--evz-zL6jk" alt="">
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Source: Monochrome.au The above image is a screenshot taken from the official Monochrome website, as it shows a tab that will be live on Tuesday, June 4 at 10:00 am (AEST) and will start accepting investments in IBTC.
<h3 class="wp-block-heading" id="strong-australia-s-btc-etf-strong">Australia’s BTC ETF</h3>
Although Australian investors are allowed to invest in the US BTC ETF, ETF products based in their home country are likely to receive equal if not the same level of interest and investment.
The unique characteristic of Australian BTC ETF is that it allows redemption in kind. That means investors in IBTC will be able to redeem their investments in Bitcoin as well, in addition to the cash settlement feature.&nbsp;
Investors and analysts expect these products to be a desired sub-asset category for pension and retirement funds.
<h3 class="wp-block-heading" id="strong-paths-ahead-for-australian-btc-etf-market-strong">Paths Ahead for Australian BTC ETF market</h3>
Soon after CBOE, ASX is also expected to enable trading in spot BTC ETF products. The number of ETF instruments is also expected to increase as applications from other prominent asset management firms, including BlackRock, Mirrae Asset, VanEck, BetaShares and DigitalX.
The applications from these issuers are already being processed and ETFs from these sponsors will also be launched in the market soon.
It will be interesting to watch if the Australian BTC ETF market will replicate the successful growth of the asset in the US or follow a slow trend like that of Hong Kong.
Moreover, if the instruments are able to attract investment, they will boost the price of bitcoin in the global crypto market ahead of the ETH ETF launch.

After US, HK, Australia Enter the Spot ETF Market, Live on June 4

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Thecoinrepublic.com

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