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Australian asset manager Monochrome has filed an application for a spot Bitcoin ETF with Cboe Australia and is aiming for a decision by mid-year. The move marks a significant step towards introducing Australia’s first spot Bitcoin ETF, facilitating direct ownership of Bitcoin.
Monochrome’s flagship product, the spot Bitcoin ETF, was originally planned to be listed on the ASX, a larger platform with larger trading volumes. However, the firm opted for Cboe Australia instead and expects the decision to be made before mid-24.
The application with Cboe Australia marks Monochrome Asset Management’s commitment to pioneer a spot Bitcoin ETF in Australia. While there are already two exchange-traded products in the country that offer exposure to spot crypto assets on Cboe Australia, they do not directly hold Bitcoin.
Monochrome’s decision to partner with Cboe Australia is in line with its strategic objectives, seeking collaboration with a reputable market operator with expertise and broader investor reach across Asia. Unlike in the US, where firms can list ETFs directly, Australian regulations require approval from regulator ASX before listing on an exchange. Monochrome has already received ASX approval for its product.
“We expect a decision from Cboe Australia on our Bitcoin ETF application before mid-year,” said Jeff Yew, CEO of Monochrome Asset Management.
Cboe Australia, part of Cboe Global Markets, is one of five global listing exchanges operated by the company.
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