Australian Monochrome Spot Bitcoin ETF Expected to Launch in 2 Months, CEO Says
Australian asset manager Monochrome plans to launch its flagship Bitcoin exchange-traded fund (ETF) on global exchange Cboe Australia. Monochrome offers its spot Bitcoin ETF in July 2023.
The Monochrome Bitcoin ETF, if approved, will be Australia's first position Bitcoin ETF to allow direct holdings of Bitcoin (BTC).
Australian regulators have already greenlit two exchange-traded products (ETPs) on Cboe Australia that offer exposure to crypto assets, but these ETPs do not hold Bitcoin directly. Instead, they invest in investment products that have exposure to Bitcoin ETFs.
To list a Bitcoin ETF in Australia, asset managers must first obtain permission from the securities regulator and then apply for a listing.
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Monochrome has received approval from Australian securities regulator ASIC and Cboe Australia expects to clear the application by June.
The asset manager was previously slated to launch a Bitcoin ETF via Cboe's rival ASX; However, Monochrome Asset Management CEO Jeff Yew told Cointelegraph that Cboe Australia's selection of a listing for Monochrome's Bitcoin ETF is more in line with “our strategic vision, market reach and time frame.” Yu added:
“We expect a decision from Cboe Australia on the Monochrome Bitcoin ETF in mid-2024. The Monochrome Bitcoin ETF is the first Bitcoin ETF authorized to hold Bitcoin directly in Australia.”
Yew noted that the key difference between existing ETFs and the Monochrome Spot Bitcoin ETF is that it provides investors with a direct and transparent way of exposure. It is similar to “How Bitcoin ETFs Are Structured in the United States”.
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Since the US Securities and Exchange Commission approved 11 spot BTC ETFs on January 11, spot bitcoin ETFs have been the focus of major governments around the world.
The successful launch of the spot BTC ETF in the United States has prompted other countries to consider the possibility of introducing similar products in their own markets.
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