The Australian cryptocurrency market has recently made significant progress. According to official disclosure, the market value of Bitcoin holdings of the Australian Monochrome Spot Bitcoin ETF (IBTC) has successfully surpassed the A $100 million mark, marking a further increase in the ETF’s influence in the market.
According to its disclosed data, as of May 26th, IBTC’s Bitcoin holdings have increased to 599. This figure has seen a significant increase compared to before. On May 22nd, its position was 550 Bitcoins. Within just a few days, the position increased by 49 bitcoins. The steady increase in holdings directly reflects that the market’s attention to and investment enthusiasm for this ETF are constantly heating up.
Monochrome’s IBTC holds a unique position in the Australian cryptocurrency investment field. Previously, there were already two exchange-traded products (ETPs) in Australia that could offer spot trading of crypto assets on Cboe Australia, but these ETPs did not directly hold Bitcoin. IBTC emphasizes direct holding of Bitcoin, providing Australian investors with a brand-new investment path. Its announcement pointed out that before the launch of IBTC, Australian investors could only invest in Bitcoin ETFs that indirectly held Bitcoin or were offshore. Neither of these products could benefit from the investor protection rules under the Australian Financial Services License (AFSL) licensing system. IBTC was the first and only ETP to be authorized in the crypto asset licensing category.
To issue ETFs in Australia, approval from the Australian Securities and Investments Commission (ASIC) and the linked exchange is required successively. Jeff Yew, the CEO of Monochrome Asset Management, once said that the launch of IBTC is in line with Monochrome’s investor protective mission, which is to provide a secure, compliant and direct way to participate in the revolutionary crypto field.
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