Australian Bitcoin ETF to Implement Proof of Reserves with Hoseki

Monochrome Asset Management has announced that its Monochrome Bitcoin (IBTC) ETF will implement proof-of-reserve verification through a new partnership with Hoseki. This makes IBTC the first spot Bitcoin ETF in Australia to adopt such transparency measures.

Launched earlier this year, the Monochrome Bitcoin ETF saw steady inflows totaling 134 Bitcoins worth over AUD 11 million. The fund is now working with Hoseki to provide daily proof of reserves for its Bitcoin holdings.

Hoseki’s advanced verification process, Hoseki Verified, will enable Monochrome to provide independently verified evidence that investors’ assets are fully accounted for. This ongoing audit sets a higher standard for transparency in Australian Bitcoin ETFs.

“Proof of reserves is important to establish full operational transparency of a Bitcoin ETF,” said Jeff Yew, CEO at Monochrome Asset Management. “Our partnership with Hoseki underscores our commitment to setting the highest standards of integrity and reliability in Bitcoin ETFs, setting a precedent for the industry.”

According to Monochrome, Hoseki’s integration also aligns with its unique capability for direct Bitcoin applications and redemptions, ensuring privacy while maintaining transparency.

As a leading Bitcoin verification provider, Hoseki will perform real-time validation that IBTC’s Bitcoin reserves match its stated holdings. This provides investors with clear proof of assets. The initiative may lead to wider adoption of rigorous vetting measures in the Bitcoin ETF landscape.