Monochrome Asset Management has made a groundbreaking move by applying for the first spot Bitcoin exchange-traded fund (ETF) in Australia. The company has submitted its application to global listing exchange Cboe Australia, marking a significant development in the country’s financial landscape.
While Australia is no stranger to crypto-based ETF products, this would be the first one to directly hold Bitcoin. Monochrome’s choice of Cboe Australia as the listing venue is strategic, leveraging the exchange’s strong reputation in the Asia Pacific region and beyond, as well as its broad investor access.
Jeff Yew, CEO of Monochrome Asset Management, expressed optimism about the collaboration with Cboe Australia, highlighting the exchange’s track record in digital assets and commitment to innovation and market accessibility.
The application process in Australia requires approval from the Australian Securities and Investments Commission (ASIC), which Monochrome has already secured. With ASIC’s green light, the firm now awaits Cboe Australia’s decision, expected by mid-year.
If successful, the Monochrome Bitcoin ETF would offer a new way for investors to engage with Bitcoin in Australia, attracting a broader range of individuals interested in cryptocurrency. Meanwhile, in the United States, companies like BlackRock, Grayscale, and Fidelity are also awaiting the SEC’s decision on spot Ether ETF approvals.
This move by Monochrome Asset Management signals a growing interest in cryptocurrency investment opportunities and could pave the way for further developments in the Australian financial market. Stay tuned for updates on Cboe Australia’s decision on the country’s first spot Bitcoin ETF.
