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Australian Asset Manager Monochrome Applies With Cboe Australia for a Spot Bitcoin ETF, Eyes Decision by Mid-Year
The Monochrome Bitcoin ETF is a flagship product of the firm and was initially expected to be listed with Cboe Australia's larger rival, ASX, where larger volumes are available.
- The asset manager has taken one step closer to giving Australia its first spot Bitcoin ETF to allow direct holding of bitcoin.
- Monochrome has chosen to list its flagship product, a spot bitcoin ETF, with the global listing exchange, Cboe Australia, instead of ASX, and expects a decision before mid-2024.
Australia-based Monochrome Asset Management has applied for a spot bitcoin BTC$84,342 exchange traded fund (ETF) with the global listing exchange, Cboe Australia, the firm announced on Friday.
If approved, the Monochrome Bitcoin ETF could be the first spot bitcoin ETF in Australia which allows direct holding of bitcoin. Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia but they do not hold bitcoin directly.
STORY CONTINUES BELOW
The Monochrome Bitcoin ETF is a flagship product of the firm. It could have also been listed with Cboe Australia's larger rival, ASX, where larger volumes are available. In January 2024, Monochrome Asset Management's head of legal and compliance Derek Vladimir Henningsen told CoinDesk that they anticipated their bitcoin ETF would be listed in the second quarter of the year.
The announcement said the firm selected Cboe Australia as the listing venue for its bitcoin ETF because it aligns with its strategic goals to work with a market operator with an established reputation, strategic position and expertise across Asia, and broader investor access.
In Australia, unlike the U.S., firms have to first get approval from the regulator, the Australian Securities & Investments Commission (ASIC), and then apply to an exchange for listing the product. Monochrome has already got approval from ASIC for its product.
"We expect a decision from Cboe Australia about our bitcoin ETF application before the middle of the year," said Jeff Yew, Monochrome Asset Management CEO.
Cboe Australia is one of five of Cboe Global Markets' global listings exchanges.
Read More: Bitcoin ETFs in and Around Asia After U.S. Approvals? Analysts Are Optimistic About Momentum
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
