Australian investment company Monochrome has applied to list its pioneering spot Bitcoin exchange-traded fund (ETF) on Cboe Australia, transferring it from the Australian Securities Exchange (ASX).
In an announcement published on April 5 on its website, the asset manager stated this was a strategic move to capitalize on the growing investment landscape in Asia as Cboe Australia, one of Cboe Global Markets’ worldwide global exchanges, has more international exposure. The Australian asset giant believes it can leverage Cboe’s reputation, expertise, and strategic position across Asia for broader investor access.
Jeff Yew, Monochrome’s CEO, emphasized the significance of the decision, stating:
“We are proud to work with Cboe Australia to bring Monochrome’s new bitcoin ETF to market, expanding the investment universe for Australian Investors. As leaders in digital assets globally, their established track record and commitment to innovation and safe market accessibility aligns with Monochrome’s strategic objectives.”
Unlike the U.S. financial system, Australian companies must obtain approval from regulatory bodies such as the Australian Securities & Investment Commission (ASIC) and the ASX before applying to an exchange for an ETF listing. Monochrome submitted an updated application in July last year to secure its ASX clearance for its Spot Bitcoin ETF.
DeFi Planet reported that Monochrome was listed Vasco Trustees Ltd. as a Responsible Entity Partner, and the firm would manage the Bitcoin ETF under its Australian Financial Services (ASF) License to offer direct and regulated exposure to digital assets to retail investors.
The company’s chief of legal and compliance, Derek Vladimir Henningsen, reportedly stated in January 2024 that the firm expected its Bitcoin ETF to receive regulatory approval and be listed in Q2 2024.
It is worth noting that Monochrome’s spot Bitcoin ETF, once approved, would become the first of its kind in Australia. It would offer more people the unique opportunity to directly own Bitcoin in a regulated environment, a potential game-changer in the Australian investment landscape.
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