Australia has joined the long list of countries that offer a place Bitcoin exchangeThe launch of Canada’s first exchange-traded product (ETF) is scheduled for tomorrow.
JUST IN: 🇦🇺 Australia's first spot #Bitcoin ETF will be live on Monday.
Are you prepared? 🚀 pic.twitter.com/EfKqdMU48P
— Bitcoin Magazine (@BitcoinMagazine) June 3, 2024
Monochrome Asset Management has announced the Bitcoin ETF IBTC. will begin trading on June 4thThe ETF will trade under the ticker IBTC and carry a management fee of 0.98%. The ETF’s ticker will be IBTC, and it has a 0.98 percent management fee.
Monochrome Asset Management issuing the fund offers investors a way to get exposure to Bitcoin within a regulated environment. The ETF The CME CF Bitcoin Reference Rate provides direct exposure to bitcoin’s spot price.
Cboe is the first Australian stock exchange to offer a Bitcoin ETF. This will be a major victory for the smaller Australian Securities Exchange. However, according to reportsThe ASX also plans to approve Bitcoin spot ETFs by the end of the year.
These launches are designed to capitalize on the surge in interest that has followed the approval by the regulators of Bitcoin ETFs. US market this January. These products sparked massive investment from retail and institutional investors.
Australia has now decided to offer its investors a secure and easy way to gain exposure to Bitcoin without directly owning it. IBTC, a strict passive ETF removes technical difficulties of purchasing real Bitcoin and provides a return that is tied to the bitcoin price.
In North America this year, Bitcoin ETFs are now regulated. UKEurope and Asia-Pacific. Australia’s entry reflects the wider embrace of Bitcoin as a class of institutional assets.
It is likely that other countries will follow suit, as major markets are now offering Bitcoin spot ETFs. It is a regulated package that gives legitimacy to investors and allows them to easily gain exposure.
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Source: bitcoinmagazine.com