Monochrome Bitcoin ETF (IBTC) is the first spot Bitcoin ETF under Australia’s new regulatory framework and will have direct exposure to Bitcoin.

Monochrome Asset Management Pty Ltd and its partner Vasco Trustees Ltd have refiled an application for Australia’s first spot Bitcoin exchange-traded fund (ETF) under the country’s new regulatory framework. The Monochrome Bitcoin ETF (IBTC) will provide retail investors with direct exposure to Bitcoin in a regulated structure.

The ETF will be supported by service providers such as State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company. The Australian Securities and Exchange Commission (ASIC) has implemented a market framework for crypto-asset ETFs, which provides clear pathways and regulatory requirements for market participants offering financial products with exposure to crypto-assets.

This move aims to enhance confidence among Australian investors in the emerging asset class.

Meanwhile Europe’s first bitcoin exchange-traded fund (ETF) is set to be publicly listed after a one-year delay. Jacobi Asset Management had originally planned to launch the ETF on Euronext Amsterdam in July 2022 but postponed it due to market conditions following the Terra Luna cryptocurrency crash and FTX’s collapse.

However, the asset manager now believes that the demand has shifted, prompting the ETF’s launch this month.

In the United States, several companies, including BlackRock, Fidelity Investments, Invesco, and WisdomTree, have also filed applications for spot Bitcoin ETFs, leading to increased institutional investment in crypto asset funds. Moreover, the United States Securities and Exchange Commission (SEC) recently acknowledged Bitwise’s spot Bitcoin ETF application, marking the start of the review process.

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