Australia’s Monochrome Bitcoin ETF Tops $177M AUM With 1,002 BTC

Spot crypto ETFs have been the talk of the town since greenlit by the US Securities and Exchange Commission in 2024.

The traditionalised form of BTC and ETH exposure has attracted significant volume from institutions and entities, leading to several new all-time highs for each project, respectively.

Although Australia’s market hasn’t been quite as enthusiastic as its US counterpart, investment in local spot crypto funds is starting to accelerate.  

And now, Monochrome is reporting perhaps the biggest milestone for Bitcoin ETFs so far – eclipsing 1,000 BTC in assets under management for the first time.

Related: Institutional ETH Treasuries Top $17.6B as 69 Entities Amass 4.1M Ether

ETF Trend Heats Up in Australia Amid Market Turbulence

Monochrome is one of Australia’s biggest crypto asset managers, known for supporting in-kind redemptions and competitive 0.25% fees. These perks have made the Monochrome Bitcoin ETF (IBTC) one of the nation’s most popular BTC funds, alongside Van Eck, 21Shares and Betashares. 

The fund’s AUM growth has been consistent over the past fortnight, with the number of Bitcoin increasing from 9696 to 1,002 between the 5th and 21st of August.

From a longer-term lens, the AUD value of BTC held in IBTC has increased 7x since November last year, from under $25m AUD to approximately $180m AUD today.

This trend began accelerating significantly in May, when the number of BTC under management was yet to tick over 400.

For much of their existence, Australian Bitcoin ETFs have lagged well behind the US alternatives, attracting far less institutional and retail interest.

However, Monochrome’s milestone may just be the first of many, as the tides start to turn Down Under.