Monochrome, an Australian asset manager, intends to launch Australia’s inaugural spot Bitcoin exchange-traded fund (ETF) on the global exchange Cboe Australia. Having filed for this ETF in July 2023, Monochrome aims to offer direct Bitcoin holding capability, a first in Australia.
While Australian regulators have approved two exchange-traded products (ETPs) on Cboe Australia, these products provide exposure to spot crypto assets indirectly by investing in other investment vehicles linked to spot Bitcoin.
To list their spot Bitcoin ETF in Australia, asset managers must secure approval from the securities regulator before seeking an exchange listing.
Monochrome Asset Management’s CEO, Jeff Yew, revealed that their spot Bitcoin ETF has received approval from the Australian Securities Exchange (ASX) and is awaiting clearance from Cboe Australia, anticipated by June.
Originally planned for listing on ASX, the decision to opt for Cboe Australia aligns better with Monochrome’s strategic vision, market reach, and timeline.
Jeff Yew added, “We anticipate a decision from Cboe Australia about the Monochrome Bitcoin ETF before the middle of 2024. The Monochrome Bitcoin ETF stands to be the first Bitcoin ETF in Australia authorized to hold Bitcoin directly.”
Yew emphasized that Monochrome’s ETF distinguishes itself by offering investors a clear and transparent route to Bitcoin exposure, mirroring the structure of similar ETFs in the United States.
Also Read: Morgan Stanley and UBS Race to Offer Bitcoin ETFs
