Australian investors looking for a new way to gain exposure to Bitcoin may be in luck soon. Monochrome, a local digital asset investment firm, announced that its spot Bitcoin exchange-traded fund (ETF) is expected to launch within the next two months, according to CEO Olaf Carbo.
This would be a significant development for the Australian cryptocurrency market. While Australia already has a couple of exchange-traded products (ETPs) providing exposure to Bitcoin, these are futures-based, meaning they track the price of Bitcoin futures contracts rather than holding the underlying asset itself.
Monochrome’s proposed ETF, however, would be a spot ETF similar to those available in the United States. This means the fund would directly hold Bitcoin, potentially offering investors a more transparent and potentially lower-cost way to invest in the cryptocurrency.
The news comes amid growing interest in cryptocurrency investment options in Australia. Regulatory hurdles have slowed the approval process for spot Bitcoin ETFs in the past, but Monochrome’s announcement suggests progress is being made.
If launched within the expected timeframe, Monochrome’s spot Bitcoin ETF could become a popular option for Australian investors seeking exposure to the world’s leading cryptocurrency. However, it’s important to remember that, like any investment, Bitcoin carries inherent risks, and investors should carefully consider their risk tolerance before investing.
