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SYDNEY, 25 June, 2024 – Monochrome Asset Management, the leading crypto asset management firm in Australia, and CF Benchmarks, the largest indices provider for cryptocurrencies, are pleased to announce the successful launch of the Monochrome Bitcoin ETF (IBTC).
Quoted on Cboe Australia, IBTC is the first and only spot bitcoin ETF specifically authorised under Australia’s crypto-asset licensing framework, ensuring the highest standards of regulatory compliance. This approval also allows the Monochrome Bitcoin ETF to hold Bitcoin directly, rather than through interposed structures.
IBTC is benchmarked against the CME CF Bitcoin Reference Rate – Asia Pacific Variant (BRRAP), a robust and replicable index that adheres to standards set by the International Organisation of Securities Commissions (IOSCO) and the UK Financial Conduct Authority (FCA). This ensures IBTC accurately tracks the bitcoin spot price and opens up bitcoin exposure to a broader range of investors.
“Monochrome’s long-standing partnership with CF Benchmarks has been integral to our mission of providing secure and transparent bitcoin investment products. CF Benchmarks' expertise in precise and transparent benchmarks provides Australian investors with confidence in the pricing and stability of IBTC. IBTC's alignment with a benchmark specifically designed for this region reinforces our commitment to regulatory compliance and investor protection” said Jeff Yew, CEO of Monochrome.
Sui Chung, CEO of CF Benchmarks commented “CF Benchmarks exclusively takes price data from reputable venues that satisfy our strict criteria, both of which are publicly available. Our criteria include appropriate AML/KYC compliance measures and market monitoring systems, this ensures the products that benchmark to CF Benchmarks aren’t impacted by unaccountable price swings. By unstintingly following a rigorous methodology, we ensure the integrity of the valuation of investor Bitcoin.”
The BRRAP adheres to international standards, such as those set by the International Organisation of Securities Commissions (IOSCO) and the UK Financial Conduct Authority (FCA). The BRAAP settles at the Hong Kong close every day, ensuring pricing is optimised for local trading hours and conditions.
For more information on the CME CF Bitcoin Reference Rate – Asia Pacific Variant (BRRAP), please visit CF Benchmarks.
About CF Benchmarks
CF Benchmarks is the leading regulated cryptocurrency index provider. Authorised as a a registered benchmark administrator under the UK Benchmarks Regulation (UK BMR). CF Benchmarks (FRN 847100) is on the FCA Benchmarks Register. Benchmark indices are provided through fully replicable public methodologies and transparent governance, for tracking, valuing and settling risk in cryptocurrency products and services.
CF Benchmarks' indices are integrated into some of the largest regulated crypto products by assets. This includes six out of the 11 spot bitcoin ETFs in the US (IBIT, ARKB, EZBC, BITB, BRRR & BTCW) and 99% of the regulated crypto derivatives market, including crypto derivatives offered by CME Group. In total, over $40bn of assets are referenced to CF Benchmarks indices.
For a full list of products that are referenced against CF Benchmarks indices, please visit the CF Benchmarks website.
About Monochrome
Monochrome Asset Management is a leading asset management firm specialising in digital assets. The firm is committed to providing innovative investment solutions that meet the highest standards of security and regulatory compliance. For more information about the Monochrome Bitcoin ETF (IBTC), visit ibtc.au.
Read more about CME CF Bitcoin Reference Rate - Asia Pacific Variant below
Monochrome First to Utilise APAC Timezone Benchmarking for Spot Bitcoin ETF Time Zone Considerations for Benchmark Selection in an Australian Passive Spot Bitcoin ETP | Monochrome News
Monochrome Asset Management
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