Monochrome Set to Launch Australia's First Bitcoin ETF on Global Exchange
Summary:
Monochrome, an Australian asset manager, plans to introduce its flagship Bitcoin ETF on the global listing exchange, Cboe Australia. If approved, the Monochrome Bitcoin ETF will be the first in Australia to enable direct Bitcoin holding. The company has already received approval from the Australian Securities Exchange and awaits clearance from Cboe Australia, predicted by June. CEO Jeff Yew anticipates a decision by mid-2024, and highlighted its unique appeal of providing a transparent pathway for investors, akin to U.S. spot Bitcoin ETFs.
Monochrome, an Australian asset management company, is preparing to debut its premier Bitcoin exchange-traded fund (ETF) on the global listing exchange Cboe Australia. Monochrome lodged an application for this spot Bitcoin ETF in July 2023. Upon approval, the Monochrome Bitcoin ETF will be Australia's inaugural spot Bitcoin ETF that enables holding of Bitcoin (BTC) outright. The Australian regulators have previously approved two exchange-traded products (ETPs) that expose investors to spot crypto assets on Cboe Australia, but these ETPs invest in investment products coupled with exposure to spot Bitcoin ETF rather than Bitcoin itself.
To attain a listing on the Australian exchange, asset managers are required to secure the blessing of the securities regulator prior to applying for a listing on an exchange. Monochrome has already in its favour an approval from the Australian Securities Exchange (ASX) and is awaiting the nod from Cboe Australia, expected by June.
Originally, Monochrome intended to launch its Bitcoin ETF via Cboe's rival ASX, but Monochrome Asset Management's CEO, Jeff Yew, conveyed to Cointelegraph that choosing Cboe Australia as the venue for listing the Monochrome Bitcoin ETF more accurately reflects their strategic vision, extended market reach, and timetable.
Yew anticipates a ruling from Cboe Australia regarding the Monochrome Bitcoin ETF before mid-2024. He stated, "The Monochrome Bitcoin ETF is poised to be the first Bitcoin ETF in Australia that is authorised to hold Bitcoin directly."
Yew clarified that the Monochrome spot Bitcoin ETF offers investors an uncomplicated, transparent route to gain exposure, uniquely akin to the structure of spot Bitcoin ETFs in the United States.
On the subject of spot Bitcoin ETFs, they have been under the scrutiny of major global governments since the U.S. Securities and Exchange Commission allowed 11 spot BTC ETFs on Jan. 11. The triumphant introduction of spot BTC ETFs in the U.S. has spurred other nations to weigh the feasibility of launching similar products within their markets.
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Published At
4/5/2024 1:46:17 PM
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