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Bitcoin ETF

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<p class="is-style-lead">The Monochrome Bitcoin ETF will begin trading on the Cboe Australia exchange.&nbsp;</p>
<p>The ETF, listed as IBTC, will have a management fee of 0.98%. Monochrome Asset Management, the issuer, provides the fund to allow investors to access Bitcoin within a regulated framework.&nbsp;</p>
<p>This framework, overseen by the Australian Securities &amp; Investments Commission (<a href="https://crypto.news/tag/asic/" target="_blank" data-type="link" data-id="https://crypto.news/tag/asic/" rel="noopener noreferrer nofollow">ASIC</a>), ensures investor protection and compliance with financial regulations.&nbsp;</p>
<p>The company <a href="https://www.monochrome.au/products/monochrome-bitcoin-etf" data-type="link" data-id="https://www.monochrome.au/products/monochrome-bitcoin-etf" target="_blank" rel="noopener noreferrer nofollow">stated</a> that investors have legal rights to their Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) in the fund and can request withdrawals. This is the first and only ETF that holds Bitcoin directly in Australia. Cboe will be the first exchange in Australia to offer a Bitcoin ETF, ahead of the ASX, which also aims to approve spot Bitcoin ETFs by the end of the year.</p>
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   <p lang="en" dir="ltr">This is the last day Australia 🇦🇺 doesn't have a spot Bitcoin ETF: Monochrome launching tomorrow!<br><br>Key difference for Monochrome over foreign ETFs is that it allows you actually withdraw your bitcoin<br><br>Long road to get launched: good luck! 🔥</p>— WizardofAus 🇦🇺丰🔑⚡ (@BTCSchellingPt) <a href="https://twitter.com/BTCSchellingPt/status/1797429564781867165?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 3, 2024</a>
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<p>The spot ETF is crafted to mirror BTC market prices, withstand manipulation, and be validated by market participants. Monochrome collaborates with the crypto exchange Gemini as its custodian for Bitcoin.</p>
<p>A <a href="https://crypto.news/eth-to-btc-trader-exposure-ratio-increased-ahead-of-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">spot crypto ETF</a> tracks the price of a specific crypto and invests portfolio funds into that crypto. These funds are traded on public exchanges but generally track a particular crypto. Like similar funds, crypto ETFs are on regular stock exchanges, and investors can keep them in their standard brokerage accounts.</p>
<h2 class="wp-block-heading" id="bitcoin-etf-adoption">Bitcoin ETF adoption</h2>
<p>This spot ETF announcement comes at a positive time for the crypto industry, especially from a political and global perspective.&nbsp;</p>
<p>In early 2024, the U.S. Securities and Exchange Commission <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" target="_blank" rel="noopener noreferrer nofollow">gave the green ligh</a>t for several spot Bitcoin ETFs to be listed on all registered national exchanges in the U.S.</p>
<p>In mid-April, <a href="https://crypto.news/unlike-the-us-hong-kong-considering-staking-in-spot-ethereum-etfs/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a> conditionally authorized its initial spot Bitcoin and Ethereum ETFs, setting the stage for the city to take the lead in Asia as the first to adopt crypto as a main investment.</p>
<p>The U.S. House of Representatives also <a href="https://crypto.news/fit21-bill-passed-by-us-house-of-representatives/" target="_blank" rel="noopener noreferrer nofollow">passed</a> the Financial Innovation and Technology for the 21st Century Act (<a href="https://crypto.news/us-house-to-vote-on-fit21-act-aiming-to-clarify-us-crypto-regulations/" target="_blank" rel="noopener noreferrer nofollow">FIT21</a>), communicating with the crypto industry that the United States is welcome to crypto.&nbsp;</p>

Australia’s first spot Bitcoin ETF to go live on Tuesday

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