The Australian Securities and Exchange Commission has received an application for the first Bitcoin ETF in the country. The ETF is created by Monochrome Asset Management and is supported by Vasco Trustees. Monochrome Asset Management also has previously offered Bitcoin investments through a trust called the IBTC.
The First Australian Bitcoin ETF
According to its page, Monochrome Asset Management offers a purely spot Bitcoin ETF that tracks the price of Bitcoin in AU Dollars. It does not engage in any other activity such as trading derivatives, or any other speculation. The fund will simply buy and hold the Bitcoin in partnership with Vanco Trustees.
The firm claims that the team that handles the Bitcoin ETF are experts to the likes of BlackRock, Binance Australia and IFM Investors.
The benchmarking is done by CF Benchmarking which is regulated by FCA, UK.
About Monochrome Asset Management
Monochrome Asset Management is a crypto-focused firm which brings the benefits of owning crypto to its customers without actually having to go through the labor of buying, securing and storing Bitcoin.
The asset manager is regulated by and complies with the SISA 1993 and SISR 1994 Acts of Australian Government which has been enacted to ensure consumer protection in investment and financial services.
Other Bitcoin-based Offerings
The asset manager has already launched a Trust which buys Bitcoin and manages on behalf of their customers who have absolute entitlement to their underlying Bitcoins. It charges an expense ratio of 1.35% per annum. The minimum investment amount is $1000 AUD for periodic subscriptions and the minimum investment amount for one time subscription is $5000 AUD.
