With the tremendous success of the spot Bitcoin ETF launch in the US markets in January 2024, asset managers worldwide are now working to bring the Bitcoin investment product to their home country. As per the latest reports, Australian asset manager Monochrome is looking to launch the flagship spot Bitcoin ETFs by July 2023, on the global listing exchange Cboe Australia.
If approved, the Monochrome Bitcoin ETF would be Australia’s first Bitcoin fund to directly invest in BTC. So far, the regulators in Australia have green-lighted two exchange-traded products (ETPs) running on Cboe Australia with exposure to spot crypto assets. However, these ETPs do not hold Bitcoin directly, instead, they invest in investment products having exposure to spot Bitcoin ETFs.
For listing their spot Bitcoin ETFs in Australia, asset managers first need to get approval from the securities regulator before applying for the exchange listing. The good thing is that the Australian Securities Exchange (ASX) has already granted approval to Monochrome thereby expecting the Cboe to clear the application by June.
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