Monochrome Plans to Launch Australia’s 1st Spot Bitcoin ETF

Monochrome to Launch Australia’s First Spot Bitcoin ETF

Monochrome, an Australian asset manager, intends to launch its primary spot Bitcoin exchange-traded fund (ETF) on the global listing exchange Cboe Australia. Monochrome initiated the filing for the spot Bitcoin ETF in July 2023.

If approved, the Monochrome Bitcoin ETF will mark Australia’s inaugural spot Bitcoin ETF allowing direct holding of Bitcoin (BTC).

While Australian regulators have given the green light to two exchange-traded products (ETPs) offering exposure to spot crypto assets on Cboe Australia, these ETPs do not directly hold Bitcoin. Instead, they invest in investment products providing exposure to spot Bitcoin ETF.

To list their spot Bitcoin ETF in Australia, asset managers must obtain approval from the securities regulator before applying for an exchange listing.

Monochrome Secures ASIC Approval for Bitcoin ETF

Monochrome has secured approval from the Australian Securities regulator ASIC and anticipates Cboe Australia to approve its application by June.

Initially, the asset manager planned to launch its spot Bitcoin ETF through ASX, a rival of Cboe. However, Jeff Yew, CEO of Monochrome Asset Management, stated in an interview that selecting Cboe Australia as the listing venue for the Monochrome Bitcoin ETF better aligns with their strategic vision, market reach, and timeline. Yew elaborated:

“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 authorised to hold Bitcoin directly.”

Yew clarified that the primary distinction between existing ETPs and the Monochrome spot Bitcoin ETF is its provision of a clear, transparent pathway to exposure for investors, similar to how spot Bitcoin ETFs are structured in the United States.

Since the U.S. Securities and Exchange Commission’s approval of 11 spot BTC ETFs on January 11, spot Bitcoin ETFs have garnered significant attention from major governments worldwide.

The successful introduction of spot BTC ETFs in the U.S. has prompted other nations to explore the potential of introducing comparable products within their respective markets.

Conclusion:

Monochrome’s impending launch of Australia’s first spot Bitcoin ETF marks a significant milestone in the country’s financial landscape. With approval from the Australian Securities regulator ASIC and an anticipated green light from Cboe Australia, this ETF will provide investors with direct exposure to Bitcoin, offering a transparent and secure investment pathway. As global interest in spot Bitcoin ETFs continues to grow, this development positions Australia at the forefront of the cryptocurrency market.

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