The Monochrome Bitcoin Trust (IBTC)
In an Australian first, IBTC is a way for retail investors to own bitcoin in a single regulated structure that gives them an absolute entitlement to their underlying bitcoin.
NAV
$10.0163 (AUD)
Daily Return
-2.31%
Monthly Return
3.21%
Fees
1.35% p.a.
NAV
Daily Return
Monthly Return
Fees
As of 24th April 2024
Fund Overview
Fund Objective
The fund's objective is to provide investors with an investment return that tracks the price of bitcoin in Australian dollars (before fees and costs).
Investment Strategy
The Investment Manager will implement a strictly passive buy and hold investment strategy for bitcoin. The fund will not use derivatives, leverage, or short selling.
Absolute entitlement to your specifically allocated bitcoin.
Investors have legal rights to their specifically allocated bitcoin in the fund, with the ability to call for their bitcoin to be transferred to them at their request.
Licensed and insured crypto-custodian.
IBTC's crypto-custodian is insured and regulated. The fund is overseen by licensed entities, ensuring security and peace of mind for digital asset custody.
Robust benchmarking, tracked in Australian dollars.
CF Benchmarks is the world's leading crypto index provider, regulated by the UK FCA. The CME CF Bitcoin Reference Rate (BRR) provides robust and transparent pricing mechanisms.
Key Information
Investment Manager
Monochrome Asset Management Pty Ltd ACN 647 701 246
Responsible Entity
Vasco Trustees Ltd ACN 138 715 009
Bitcoin Interests
Investors in the fund hold Bitcoin Interests, conferring an absolute entitlement to their underlying bitcoin.
Management Fee
1.35% p.a.
Performance Fee
Not Applicable
Minimum Investment
$5,000 AUD
Minimum Amount for Further Subscriptions
$1,000 AUD
Applications
Daily
Redemptions
Daily. Redemptions in cash or in specie.
Unit Pricing
Daily
Benchmark Provider
CME CF Bitcoin Reference Rate
APIR
VIL2063AU
Documents
Date Issued | Document | |
|---|---|---|
20/04/2024 | Latest Fund Report | Download PDF |
20/04/2024 | Latest Fund Factsheet | Download PDF |
10/03/2023 | Product Disclosure Statement (PDS) | Download PDF |
10/03/2023 | Reference Guide (RG) | Download PDF |
14/02/2024 | Target Market Determination (TMD) | Download PDF |
Performance
How to access the Monochrome Bitcoin Trust (IBTC)
Invest directly in the Fund
To apply online, you will require:
• Identification documents (e.g.: drivers license or passport)
• Mobile number and email address
• Your Tax File Number (TFN)
• Complete the Tax self-certification within the application process
• Bank account details
Log into the share registry's portal to:
• Check your balance(s), view transaction confirmations and periodic statements
• Update your personal details
• Additional applications or redemptions
• Provide your FATCA/CRS certification
Frequently Asked Questions (FAQs)
What is the difference between investing in the Monochrome Bitcoin Trust (IBTC) and buying bitcoin on a digital currency exchange?
There are two key points of differentiation between investing in the Monochrome Bitcoin Trust (IBTC) and buying bitcoin on a digital currency exchange (DCE).
Firstly, with regards to custody, when investors purchase Bitcoin Interests in the IBTC, the underlying bitcoin is securely custodied with a regulated and insured custodian, Gemini Trust. Furthermore, the contract governing the custody arrangement meets the strict requirements applied by the Australian Securities and Investments Commission (ASIC) in relation to the safekeeping of assets on behalf of retail investors as set out in ASIC’s Regulatory Guide 133. Conversely, with bitcoin purchased through a DCE, unless investors move their assets into self-storage, the keys to their bitcoin are held by the DCE itself. This creates significant risks, as DCEs have the ability to limit or block customer withdrawals, and are able to use customer funds for their own purposes.
Secondly, with regards to regulation, the Monochrome Bitcoin Trust (IBTC) is a fully regulated and registered managed investment scheme offered under an Australian financial services licence with a specific crypto-asset authorisation, whereas DCEs operate largely outside the regulated perimeter overseen by ASIC.
Investors that want exposure to bitcoin but do not want to deal with the technical aspects of buying and storing bitcoins themselves may consider the Monochrome Bitcoin Trust (IBTC) more suited than purchasing bitcoin on a DCE. Fees generally apply when using a DCE, whilst there are management fees and costs associated with an investment in the Monochrome Bitcoin Trust (IBTC), which may impact your returns. It is important that investors carefully consider their investment objectives and seek professional advice before making any investment decisions.
What are ‘Bitcoin Interests’ in the Monochrome Bitcoin Trust?
Bitcoin Interests are beneficial interests in an amount of bitcoin referred to as the ‘Bitcoin Allocation’. Each Bitcoin Allocation represents the beneficial interest in bitcoin that is held by the Responsible Entity in a bare trust for the relevant Holder. The Bitcoin Allocation for each Bitcoin Interest will be calculated daily to six decimal places and shall be published on the IBTC page.
The Monochrome Bitcoin Trust (IBTC) issues Bitcoin Interests to investors, giving them an absolute entitlement to an underlying amount of bitcoin in each Bitcoin Interest. At the inception of the Monochrome Bitcoin Trust (IBTC), each Bitcoin Interest comprised 10,000 sats (a ‘sat’ or a ‘satoshi’ being the smallest denomination of bitcoin) or 0.0001 bitcoin, reducing daily for management fees.
How do I apply to invest in the Monochrome Bitcoin Trust (IBTC)?
To apply for the Monochrome Bitcoin Trust (IBTC), please complete the online Application Form available at https://apply.automic.com.au/ibtc and provide the associated identification documents to the Registry along with payment for the purchase of Bitcoin Interests. Please note that cash cannot be accepted, and all application money must be in Australian dollars. If you have any questions or require assistance with your application, please contact the Unit Registry or refer to the Product Disclosure Statement available on the IBTC page.
