Monochrome Brings First Bitcoin ETF to Australia
Monochrome Asset Management has taken a significant step towards bringing the first Bitcoin-backed Exchange-Traded Fund (ETF) to Australian investors. The company has applied to Cboe Australia for the approval of its Bitcoin ETF, which, if successful, would directly hold Bitcoin and further establish it as an asset class in the country.
Monochrome's Bitcoin ETF, if approved, would be a milestone for the Australian investment landscape. The structure of the ETF mirrors successful Bitcoin spot ETFs already approved in the US earlier this year. The company has chosen to list the ETF on Cboe Australia, citing its strategic expertise and reach, despite initially planning to list it on the Australian Securities Exchange (ASX).
Monochrome has been working with established companies and advisors for the secure custody and management of the ETF. However, the specific names of these collaborators are not currently available. The Australian Securities and Investments Commission (ASIC) has already given the green light for the exchange-traded Bitcoin product in Australia, paving the way for Monochrome's application. Trading of the ETF could begin as early as this quarter, pending final approval from Cboe Australia, with a decision expected by mid-year.
Monochrome's Bitcoin ETF, if approved, would expand investment options for Australian investors, allowing them to gain exposure to Bitcoin through a familiar and regulated ETF structure. The company is proud to partner with Cboe Australia to bring this innovative product to the market, further cementing Bitcoin's status as a legitimate asset class in Australia.
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