Australian asset manager Monochrome plans to launch the nationâs first spot bitcoin exchange-traded fund (ETF) that holds physical bitcoin.
JUST IN: đŠđș The first #Bitcoin spot ETF in Australia to go live "in 2024," asset manager Monochrome says.
It would be the first Australian ETF to hold $BTC directly. pic.twitter.com/x8nYRNzZra
â Bitcoin Magazine (@BitcoinMagazine) April 5, 2024
Monochrome filed an application with securities exchange Cboe Australia to list its flagship bitcoin ETF product. The firm expects approval by mid-2024.
Unlike previous bitcoin exchange-traded products in Australia, Monochromeâs ETF would hold actual bitcoin. This structure mirrors the highly successful spot bitcoin ETFs in the United States.
The Australian Securities and Investments Commission has already greenlighted Monochromeâs proposal. Cboe Australia is now reviewing the application.
âWe anticipate a decision from Cboe Australia about the Monochrome Bitcoin ETF before the middle of 2024,â said CEO Jeff Yew. âThe Monochrome Bitcoin ETF stands to be the first Bitcoin ETF in Australia authorized to hold Bitcoin directly.â
If approved, the ETF would provide local investors with direct exposure to bitcoin through a regulated investment vehicle. Monochrome said it chose Cboe for its strategic expertise and extensive reach across Asia.
The firm had originally planned to list on rival exchange ASX, but it has since pivoted to Cboeâs platform.
Australia joining the spot bitcoin ETF movement could further validate Bitcoin as an investable asset class, as Monochrome is aiming to tap surging institutional demand as the Bitcoin industry matures.
The fundâs launch would arrive just before Bitcoinâs next halving event, likely boosting interest. As the first to hold physical bitcoin, Monochrome could quickly dominate the local ETF space in Australia.Â
