- Australia’s first spot Bitcoin ETF, The Monochrome Bitcoin ETF (IBTC) has just ticked over 100 BTC under management.
- The fund has experienced immense growth in the past two months, with holdings exploding from 17 BTC to over 100 in less than eight weeks.
- The bullish news comes as Aussie investors add crypto ETFs to their portfolios thanks to improved accessibility and heightened political discourse.
- Competitors to Monochrome, such as VanEck and DigitalX, offer similar products on the ASX.
Australian Bitcoin ETFs have only been on the ASX for a handful of weeks – but crypto funds have been available to investors Down Under for over a year now. The Monochrome Bitcoin ETF (IBTC) – formerly Monochrome Bitcoin Trust – is heralded as the nation’s first spot crypto ETF with an inception date of March last year and a conversion from trust to ETF in June 2024.
The explosion of popularity for crypto as a traditional stock only really hit the world in January 2024, following the SEC’s approval of spot funds in the US. Finally, it appears the hysteria has made its way to the Southern hemisphere, with IBTC experiencing a huge jump in assets under management over the past two months.
Related: Coinbase to Custody Bitcoin for DigitalX’s New Australian ETF, Strengthening Crypto Services Down Under
ETF Growth Intensifies Over Second Half of 2024
It was less than eight weeks ago, on the 4th of June 2024, that Monochrome’s spot Bitcoin Fund had only amassed 17 Bitcoin in over a year of trading.
Something clicked between now and then, as the appetite for Bitcoin among traditional Aussie investors went haywire.
A week later, IBTC’s AUM had doubled from 17 to 34 BTC.
And now, as of July 29th, the Australian spot Bitcoin fund boasts an impressive 100 Bitcoin across its managed portfolios. This represents a growth of 488% in fewer than two months.
Australia Steadily Mirroring the States’ Pro-Crypto Push
100 BTC is currently valued at approximately AUD $10.6m, a far cry from the immense holdings of US competitors like BlackRock (AU $27.5b+ AUM).
Even so, Australian Bitcoin ETFs have clearly experienced an uptick in interest in the past quarter, potentially coinciding with the coin’s increased presence in political discourse. Australia hasn’t made BTC (or crypto) an important political topic yet, but the digital currency’s influence over the upcoming US election will likely spill over onto our shores.
Related: BlackRock Predicts Crypto ETFs Will Dominate Model Portfolios by Year End
Positive crypto news from the US will likely continue pushing Bitcoin ETFs and similar products into the Aussie psyche.
IBTC is tradeable on the CBOE Australia equities exchange, with a management fee of 0.5% p.a.
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