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SYDNEY, 25 October, 2024 – Monochrome Asset Management has been named a finalist in the Digital Assets & Web3 Innovation category at the 2024 Finder Innovation Awards. These awards recognise companies across Australia for their contributions and achievements in innovation in sectors such as finance, technology, and digital assets.
Monochrome's nomination centres around the development and launch of the Monochrome Bitcoin ETF (IBTC). Listed on Cboe Australia in June 2024, IBTC is Australia’s first truly direct spot Bitcoin ETF. It is a dual access fund offering investors direct access to Bitcoin through either familiar brokerage platforms like CommSec or via a direct application through the registry.
IBTC is unique and has a range of features which distinguishes it from other exchange traded investment bitcoin products offered by most of its competitors. One of its key innovations is the ability for investors to apply and redeem in-kind or in cash. This feature gives investors flexibility on how to apply or redeem out of the fund. As the only Bitcoin ETF in Australia to offer this feature, IBTC provides more control to investors, particularly those managing larger portfolios.
Delivering Value to Investors
The IBTC benchmark is the CME CF Bitcoin Reference Rate, an EU BMR regulated benchmark that ensures transparent pricing and resistance to price manipulation. The tracking error for IBTC of just 0.0416% (as of 21 October 2024) demonstrates its precision and reliability compared to the benchmark. Monochrome has also enhanced investor value by reducing the IBTC management fee from 0.98% to 0.50%, making it one of the most competitive options in the market.
Monochrome has also launched the Monochrome Adviser Program, which allows Australian wholesale investors, through eligible financial advisers, to benefit from a 0.29% IBTC management fee rebate, effectively reducing the fee to 0.21%. This program aims to support advisers in offering Bitcoin investment options which address growing demand for digital assets.
Being named a finalist for this award highlights Monochrome’s role in shaping Australia’s growing digital asset market. By offering a clear and transparent pathway to invest in Bitcoin, Monochrome continues to meet the needs of investors seeking to participate in the evolving digital finance landscape.
For more information about the Monochrome Bitcoin ETF (IBTC) please click here.
Monochrome Asset Management
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