Tomorrow First Australian Bitcoin spot ETF will start trading on Cobe

The first ever Aussie Bitcoin spot ETF called IBTC reportedly ready to start trading in the Australian financial market.

Australia has a progressive approach toward cryptocurrency, with established regulations by authorities like ASIC. Many businesses accept crypto, and there is growing interest in blockchain technology. The country also hosts numerous crypto exchanges and startups, making it a crypto-friendly nation. In the past few years, some crypto entrepreneurs alleged that they faced very high intensity of regulatory heat & were banned multiple times from using banking services because their business was focused on crypto.

As per local crypto media reports, Monochrome Asset Management announced that their Bitcoin ETF, called IBTC, will start trading on June 4th if there are no last-minute delays. The ETF’s ticker will be IBTC, and it will have a management fee of 0.98%.

It will be the first BTC spot ETF product in the jurisdiction of Australia, where institutions as well as people will be able to invest in Bitcoin via the stock market.

The trading of these new financial assets will take place on Cboe. Alternatively, we can say that Cboe will beat the larger Australian Securities Exchange (ASX) in terms of Bitcoin spot ETF trading. As per reports, ASX will also start allowing BTC spot ETF products before the end of this year.

Some financial experts believe that BTC spot ETF approval in the jurisdiction of Australia was possible because of the approval of such products in the US jurisdiction, where we saw the United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETF applications simultaneously in Jan 2024.