7 months ago
42 ARTICLE AD
Monochrome Applies for Approval of Flagship Spot Bitcoin ETF Product
Australia-based Monochrome Asset Management has applied for a spot Bitcoin (BTC) exchange-traded fund (ETF) with Cboe Australia, the global listing exchange. If approved, the Monochrome Bitcoin ETF could become the first spot Bitcoin ETF in Australia to allow direct holding of Bitcoin.
According to the announcement made on Friday, Monochrome Asset Management has selected Cboe Australia as the listing venue for its flagship product, the Monochrome Bitcoin ETF. The firm chose Cboe Australia because it aligns with its strategic goals to work with a market operator that has an established reputation, a strategic position and expertise across Asia, and broader investor access.
While Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia, they do not directly hold Bitcoin. The Monochrome Bitcoin ETF, if approved, would be the first of its kind in the country.
“We expect a decision from Cboe Australia about our Bitcoin ETF application before the middle of the year,” shares Jeff Yew, Monochrome Asset Management CEO.
Initially, the Monochrome Bitcoin ETF was expected to be listed with Cboe Australia’s larger rival, ASX, where larger trading volumes are available. However, the firm ultimately decided to proceed with Cboe Australia as its listing exchange.
In January 2024, Monochrome Asset Management’s head of legal and compliance, Derek Vladimir Henningsen said in an interview that they anticipated their Bitcoin ETF would be listed in the second quarter of the year.
Current regulations in Australia require firms to obtain approval from the regulator, the Australian Securities Exchange (ASX), before applying to an exchange for listing a financial product such as an ETF. Monochrome has already secured approval from ASX for its Bitcoin ETF.
Cboe Australia is one of five global listings exchanges operated by Cboe Global Markets. If approved, Monochrome’s spot Bitcoin ETF would mark a significant inroad for the Australian crypto market, providing local investors with a new avenue to gain direct exposure to BTC through a regulated investment vehicle.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
