Monochrome Applies for Australia's First Spot Bitcoin ETF Via Cboe Listing

In a strategic move aimed at deepening its presence, Australian investment firm Monochrome Asset Management has applied to list its flagship Monochrome Bitcoin ETF on Cboe Australia, one of Cboe Global Markets' five global exchanges.

This decision marks a shift from Monochrome's initial plans to list the ETF on the larger Australian Securities Exchange (ASX), where trading volumes are typically higher. However, the firm cited key factors that aligned with its goals in selecting Cboe Australia as the listing venue.

If approved, the Monochrome Bitcoin ETF would be the first spot Bitcoin ETF in Australia, allowing direct investment in the world's largest cryptocurrency. While the country already hosts two crypto exchange-traded products on Cboe Australia, neither of them holds actual Bitcoin.

Unlike the process in the United States, Australian firms must first secure approval from the national regulator, the Australian Securities Exchange (ASX), before applying to an exchange for an ETF listing. Monochrome has already obtained this clearance from the ASX for its Bitcoin ETF product.

"We expect a decision from Cboe Australia about our Bitcoin ETF application before the middle of the year," Yew stated.

In January, Derek Vladimir Henningsen, Monochrome's head of legal and compliance, had anticipated the ETF would be listed by the second quarter of 2024.