Australia’s first and only physically-backed Bitcoin ETF, known as IBTC, was launched by Monochrome Asset Management on June 4th on the Cboe Australia exchange. While Australia already had two exchange-traded products (ETPs) that offered spot trading of cryptocurrencies, these ETPs did not directly hold Bitcoin. IBTC, however, allows Australian investors to directly hold Bitcoin, providing them with the benefits of investor protection under Australia’s financial services licensing regime. Monochrome emphasized that IBTC is the first and only ETP to receive authorization as a cryptocurrency licensed category. Despite the positive launch, with only 1 BTC flowing into IBTC on its first day, the community still sees it as a good start and compares the scale to El Salvador’s daily investment of 1 BTC.
"IBTC, Australia's Bitcoin Spot ETF, Witnesses Dismal Debut with Only 1 Bitcoin Inflow"