Australia is set to launch its first spot Bitcoin exchange-traded fund (ETF), which directly holds the asset, on Tuesday. The Monochrome Bitcoin ETF (IBTC) will begin trading on the Cboe Australia exchange on June 4. While Australia already has several exchange-traded products offering Bitcoin exposure, Monochrome Asset Management is the first to receive approval under a new crypto asset licensing category established in 2021 under Australian Financial Services (AFS) licensing rules. This new category allows the ETF to directly hold Bitcoin. Monochrome ensures that IBTC’s holdings are stored offline in a device not connected to the internet, utilizing a crypto