Australia is on the cusp of introducing its first Bitcoin exchange-traded fund (ETF) on June 4, 2024, marking a momentous shift in the landscape of digital assets within the nation. The ETF, dubbed IBTC and managed by Monochrome Asset Management, is set to kickstart trading following a comprehensive three-month processing and approval phase. This development places Australia among the select few countries permitting the trading of spot ETF instruments with Bitcoin as the underlying asset, now scheduled for listing on the CBOE exchange. Initially slated for the Australian Stock Exchange (ASX), the IBTC ETF application hailing from Monochrome Asset Management made a strategic move to the CBOE, securing its place in the market. The IBTC ETF stands out with its distinctive redemption in kind feature, enabling investors to redeem their investments in Bitcoin alongside cash settlements, making it an appealing choice for pension and retirement funds. The future outlook for the Australian Bitcoin ETF market appears promising, with anticipation surrounding forthcoming ETF launches from major players such as BlackRock, Mirrae Asset, VanEck, BetaShares, and DigitalX. The influx of these ETFs has the potential to impact Bitcoin's market value on a global scale, especially as excitement builds up for the upcoming ETH ETF introduction.
Australia's First Bitcoin ETF Launch

by Giorgi Kostiuk
2 years ago

Other news
India's AI Ambitions Hindered by Infrastructure Challenges

India's AI ambitions are hindered by significant infrastructure challenges, including unreliable power supply, high electricity costs, and water scarcity, which could impede the growth of data centers.

Trump Coin Approaches Key Breakout Zone

Trump Coin is trading tightly around $5, showing signs of potential upward movement as selling momentum slows.

US Dollar Approaches Turning Point Amid Weaker Inflation Data

The US Dollar Index has fallen below a long-term support level, indicating potential further downside risk.

Husky Inu AI HINU Prelaunch Phase Price Hike Announced.

Husky Inu AI HINU is preparing for a price increase during its prelaunch phase, raising the token value from 0.000026031 to 0.000026130.

Polkadot Loses Momentum and Slides Below Key Support

Polkadot has lost its post-listing excitement, slipping below the 2 level that once symbolized breakout potential.

Elon Musk's Personal Conglomerate Redefines Business Structures

Elon Musk's empire, which includes Tesla, SpaceX, xAI, Neuralink, and The Boring Company, is reshaping the landscape of modern business by promoting interconnected ventures that challenge traditional corporate structures.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter