Australia is joining a growing list of countries warming up to cryptocurrency. After years of waiting, Australian investors can now get their hands on actual Bitcoin thanks to the launch of the first spot Bitcoin exchange-traded fund (ETF).
Australia has joined the crypto bandwagon with the launch of the first spot Bitcoin exchange-traded fund (ETF) in the country. The Monochrome Bitcoin ETF (IBTC) will be listed on the Cboe Australia exchange and begin trading on Tuesday, providing both professional money managers and ordinary consumers with a regulated and transparent way to own the original cryptocurrency.
The launch marks Australia's first step in offering direct access to Bitcoin. Currently, this is the only Australia-based ETF that will hold actual Bitcoin, as opposed to futures contracts.
"Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don't benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime," the ETF issuer said in its official statement.
In the lead-up to the launch, the price of Bitcoin rose by 4%, nearing $70,000 per coin. For the month of May, the leading crypto asset gained a solid 13%, outperforming most of the large-cap assets such as America's broad-based S&P 500 index.
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