Monochrome Asset Management Seeks to Launch Australia's First Spot Bitcoin ETF

Monochrome Asset Management has submitted an application to global listing exchange Cboe Australia for a spot Bitcoin (BTC) exchange-traded fund (ETF).

Australia is already familiar with crypto-based ETF products, however, this would be the first one holding Bitcoin directly.

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Monochrome has chosen Cboe Australia as the listing venue for its established reputation in the Asia Pacific region and beyond, strategic positioning, and investor access.

Jeff Yew, CEO of Monochrome Asset Management, also shared his positive outlook on working with Cboe Australia:

As leaders in digital assets globally, their established track record and commitment to innovation and safe market accessibility aligns with Monochrome’s strategic objectives.

The application process in Australia requires prior approval from the Australian Securities and Investments Commission (ASIC), which Monochrome has already secured.

With ASIC's green light, the firm now awaits Cboe Australia's decision, expected by mid-year.

If successful, the Monochrome Bitcoin ETF will mark a major achievement in Australia's financial landscape, offering a new way to engage with Bitcoin and attracting a broader range of investors interested in crypto.

Meanwhile, in the United States, several companies, including BlackRock, Grayscale, and Fidelity, await the SEC's decision on the approval of spot Ether ETFs.