- Monochrome’s debut spot bitcoin ETF on Cboe Australia, filed in July 2023, is Australia’s first to hold physical bitcoin in its ETF, similar to the US-based products.
- The Monochrome bitcoin ETF, subject to approval, offers Australian investors a transparent and accessible route to bitcoin exposure, contrasting with existing exchange-traded products that indirectly track spot crypto assets via derivatives.
- Monochrome shifts from the Australian Securities Exchange to Cboe Australia underscores its adaptability and market foresight, potentially setting a new standard for global investment venues in the wake of heightened interest in spot bitcoin ETFs.
Monochrome, an Australian asset manager, is set to debut its spot bitcoin exchange-traded fund (ETF) on the international listing platform, Cboe Australia. The filing for the spot bitcoin ETF by Monochrome was initiated in July 2023.
Monochrome bitcoin ETF nears approval
If approved, the Monochrome bitcoin ETF will mark Australia’s inaugural spot bitcoin ETF, enabling direct holding of bitcoin.
According to Jeff Yew, Monochrome’s CEO: “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 clarified that the Monochrome spot bitcoin ETF offers investors an easy-to-understand, transparent route to exposure, which is the primary distinction between it and other exchange-trade products.
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Australian regulators greenlight crypto products
Australian regulators have approved two exchange-traded products (ETPs) on Cboe Australia, offering exposure to spot crypto assets. However, these ETPs don’t directly hold bitcoin; rather, they invest in products with exposure to spot bitcoin ETF.
Monochrome has obtained approval from the regulator Australian Securities & Investments Commission and is poised for clearance of its application by Cboe Australia by June.
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Initially planning to launch its spot bitcoin ETF through Australian Securities Exchange (ASX), the asset manager shifted its listing venue to Cboe Australia, aligning more closely with its strategic vision, market reach, and time frame.
Since the U.S. Securities and Exchange Commission approved 11 spot BTC ETFs on January 11, governments worldwide have focused on this investment avenue, contemplating introducing similar products in their own markets.
