Australian asset manager, Monochrome Asset Management, is on the cusp of introducing the country’s first-ever spot Bitcoin ETF. While awaiting a decision from the global listing exchange Cboe Australia, the ETF has already secured approval from the Australian Securities and Exchange (ASX), and the ETF is slated to debut on Cboe Australia, a global listing exchange, within the next two months.
This landmark development follows the green light received from the ASX and positions Monochrome to lead the charge in the burgeoning crypto investment sphere. Monochrome CEO Jeff Yew is optimistic about the venture’s prospects and anticipates a decision from Cboe Australia by mid-2024, stating,
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.
Monochrome’s forthcoming ETF is set to revolutionize Australia’s crypto investment landscape by offering direct Bitcoin holding, a departure from existing exchange-traded products (ETPs) that merely provide exposure to spot crypto assets. Drawing parallels with structures prevalent in the United States, Monochrome’s ETF promises investors a transparent pathway to Bitcoin exposure and mirroring the success of spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) earlier this year.
The selection of Cboe Australia as the listing venue for Monochrome’s ETF underscores the strategic vision of the asset management firm. Despite the availability of larger trading volumes on ASX, Monochrome’s preference for Cboe Australia aligns with its strategic objectives emphasizing the exchange’s established reputation, strategic positioning across Asia and broader investor access.
If approved, the Monochrome Bitcoin ETF could be the first spot Bitcoin ETF in Australia that allows direct holding of Bitcoin. Technically, Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly.
