Australia is set to launch its first spot Bitcoin ETF on June 4, 2024. The ETF, named IBTC, will be managed by Monochrome Asset Management and will trade on the Cboe Australia exchange. This marks a significant milestone as Australia joins other countries like Hong Kong and the United States in offering investors an ETF that holds Bitcoin directly. The launch follows a swift approval process after Monochrome Asset Management applied for the ETF in April. The ETF aims to provide greater investor protection under AFSL licensing rules. Bitcoin spot ETFs experienced a net inflow of $170 million last week. Australia already has two cryptocurrency futures ETF products.
