Monochrome, an Australian asset management company, plans to introduce the first exchange-traded funds (ETFs) in Australia that will hold physical Bitcoin.
JUST IN: 🇦🇺 The first #Bitcoin The live stream of Spot ETF Australia has begun "in 2024," asset manager Monochrome says.
The first Australian ETF would hold $BTC directly. pic.twitter.com/x8nYRNzZra
— Bitcoin Magazine (@BitcoinMagazine) April 5, 2024
Monochrome submitted a Cboe Australia application to list the flagship bitcoin ETF. The firm anticipates that approval will come by the middle of 2024.
Monochrome ETF will hold Bitcoin, not the previous Australian bitcoin ETFs. The structure is similar to the successful US spot bitcoin ETFs.
Monochrome has received approval from the Australian Securities and Investments Commission. Cboe Australia will now review the application.
“We anticipate a decision from Cboe Australia about the Monochrome Bitcoin ETF before the middle of 2024,” Jeff Yew, the CEO of said company. “The Monochrome Bitcoin ETF stands to be the first Bitcoin ETF in Australia authorized to hold Bitcoin directly.”
If the ETF is approved, it would allow local investors to directly invest in bitcoins through a regulatory investment vehicle. Monochrome selected Cboe due to its expertise in strategic matters and wide reach throughout Asia.
The company originally intended to list its shares on the rival ASX exchange, but has now switched to Cboe.
Australia’s participation in the ETF spot Bitcoin movement will further confirm Bitcoin as a viable asset class. Monochrome hopes to capitalize on the growing institutional demand for Bitcoin, which is maturing.
Bitcoin will be launched just before the fund. next The halving of the event will likely boost interest. Monochrome, the first ETF to own physical Bitcoin in Australia, could dominate this market quickly.Â
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Source: bitcoinmagazine.com
