Australia is set to join the growing list of countries offering a spot Bitcoin exchange<\/a>-traded fund (ETF), with the launch of the country’s first such product expected tomorrow.<\/p>\n JUST IN: \ud83c\udde6\ud83c\uddfa Australia’s first spot #Bitcoin<\/a> ETF to go live tomorrow.<\/p>\n Are you prepared? \ud83d\ude80 pic.twitter.com\/EfKqdMU48P<\/a><\/p>\n \u2014 Bitcoin Magazine (@BitcoinMagazine) June 3, 2024<\/a><\/p>\n Monochrome Asset Management announced that Bitcoin ETF (IBTC) will begin trading on June 4th<\/a>, pending any last-minute delays. The ETF will trade under the ticker IBTC and carry a management fee of 0.98%.<\/p>\n Monochrome Asset Management, the issuer, offers the fund as a means for investors to gain exposure to Bitcoin in a regulated framework. The ETF<\/a> tracks the CME CF Bitcoin Reference Rate index, providing exposure tied directly to the spot price of bitcoin.<\/p>\n Cboe will become the first Australian exchange to list a bitcoin ETF, beating the larger Australian Securities Exchange (ASX) to the market. However, according to reports<\/a>, the ASX is also planning to approve spot Bitcoin ETFs before the year’s end.<\/p>\n The launches tap into surging interest following the breakthrough regulatory approval of Bitcoin ETFs in the US market this January<\/a>. Those products ignited massive inflows from both institutional and retail investors.<\/p>\n Australia is now poised to follow suit in offering investors easy and secure exposure to bitcoin without direct ownership. As a strictly passive ETF, IBTC removes the technical challenges of buying real Bitcoin while providing the return profile tied to bitcoin’s price.<\/p>\n