Monochrome Asset Management has announced that its Monochrome Bitcoin ETF (IBTC) will implement proof-of-reserves verification through a newly formed partnership with Hoseki. This makes IBTC the first Bitcoin ETF in Australia to embrace such transparency practices.
Since its launch earlier this year, the Monochrome Bitcoin ETF has achieved consistent inflows amounting to 134 Bitcoin, valued at over AUD 11 million. The fund is now working alongside Hoseki to provide daily proof-of-reserves concerning its Bitcoin holdings.
Hoseki’s sophisticated verification method, known as Hoseki Verified, will allow Monochrome to present independently verified proof that investor assets are entirely accounted for. This continuous auditing elevates the standards for transparency within Australian Bitcoin ETFs.
“Establishing proof of reserves is crucial for ensuring complete operational transparency in a Bitcoin ETF,” stated Jeff Yew, CEO of Monochrome Asset Management. “Our collaboration with Hoseki underscores our dedication to maintaining the highest levels of integrity and dependability in Bitcoin ETFs, setting a benchmark for the sector.”
Monochrome noted that the integration with Hoseki complements its capacity for direct Bitcoin applications and redemptions, ensuring privacy while upholding transparency.
As a prominent provider of Bitcoin verification, Hoseki will perform real-time checks to confirm that IBTC’s Bitcoin reserves align with its declared holdings. This ensures clear asset validation for investors. The initiative may encourage the wider adoption of stringent verification standards across the Bitcoin ETF market.
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