Monochrome Asset Management, an Australian company, revealed on Friday that it has submitted an application to Cboe Australia, a worldwide listing exchange, for a spot bitcoin (BTC) exchange traded fund (ETF).
Should it be authorised, Australia’s first bitcoin exchange-traded fund (ETF) that permits direct bitcoin holding would be Monochrome. Two exchange-traded products that give investors access to spot cryptocurrency assets on Cboe Australia are currently available in Australia, but they do not hold bitcoin itself.
Among the company’s major offerings is the Monochrome Bitcoin ETF. The larger rival of Cboe Australia, ASX, where larger volumes are available, is another place it may have been placed.
The head of law and compliance at Monochrome Asset Management, Derek Vladimir Henningsen, stated in January 2024 that they expected to list their bitcoin ETF in the second quarter of that year.
According to the statement, the company chose Cboe Australia as the listing venue for bitcoin ETF because working with a market operator that has a solid reputation, a strategic position and depth of knowledge throughout Asia, and more investor access matches with its strategic aims.
In Australia, as opposed to the United States, companies must apply to an exchange for product listing after receiving approval from the Australian Securities & Investments Commission (ASIC). ASIC has already given Monochrome the go-ahead for its device.
The CEO of Monochrome Asset Management, Jeff Yew, stated, “We anticipate hearing back from Cboe Australia regarding our bitcoin ETF application before the middle of the year.” Among the five global listings exchanges operated by Cboe Global Markets is Cboe Australia.