Monochrome Asset Management, based in Australia, has made a pivotal move by applying to Cboe Australia for a spot bitcoin (BTC) exchange-traded fund (ETF), marking a potential first for the country. This ETF, aimed at directly holding bitcoin, distinguishes itself from the current exchange-traded products on Cboe Australia, which provide exposure to crypto assets but don’t hold bitcoin in a direct manner. Monochrome’s decision to partner with Cboe, over its larger rival ASX, is strategic, aiming to leverage Cboe’s robust reputation and wide investor base across Asia.

The application follows Monochrome’s successful navigation of regulatory approvals, with the Australian Securities Exchange (ASX) already giving the green light. With anticipation building, Monochrome’s CEO, Jeff Yew, expects a decision from Cboe Australia by mid-year, potentially setting a significant milestone for Australia’s crypto landscape in the second quarter of 2024. This move is seen as a significant step towards broadening access to bitcoin for investors and underscoring the growing acceptance of crypto assets in mainstream financial markets.

Source