Monochrome Asset Management files for Australia’s first spot Bitcoin ETF with Cboe Australia

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Monochrome Asset Management, a prominent player in the Australian financial landscape, recently made headlines by applying for a groundbreaking spot bitcoin exchange-traded fund (ETF) with Cboe Australia, a leading global listing exchange. If approved, this ETF would mark a significant milestone as the first of its kind in Australia, allowing investors direct exposure to bitcoin.

While Australia already offers two exchange-traded products on Cboe Australia that provide exposure to spot crypto assets, they do not directly hold bitcoin. The Monochrome Bitcoin ETF aims to change that, offering a new and innovative investment avenue for those looking to add bitcoin to their portfolios.

Despite the potential to list with the larger ASX, Monochrome chose Cboe Australia as its listing venue, citing strategic alignment with its goals and the exchange’s established reputation and expertise across Asia. Derek Vladimir Henningsen, Monochrome Asset Management’s head of legal and compliance, previously indicated to CoinDesk in January 2024 that they anticipated listing the bitcoin ETF in the second quarter of the year.

In Australia, the path to launching such a product involves obtaining approval from the Australian Securities & Investments Commission (ASIC) before applying to an exchange for listing. Monochrome has already secured ASIC’s approval for its bitcoin ETF, positioning it well for a potential listing on Cboe Australia.

“We expect a decision from Cboe Australia about our bitcoin ETF application before the middle of the year,” noted Jeff Yew, CEO of Monochrome Asset Management. Cboe Australia, as part of Cboe Global Markets’ network of global listings exchanges, holds a strategic position that could benefit both the ETF and broader investor access to bitcoin.

As the financial world continues to embrace digital assets, Monochrome’s move to launch a spot bitcoin ETF in Australia signals a growing acceptance and integration of cryptocurrencies into traditional investment portfolios.

(Source: Cointelegraph | Crypto News)

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