05 Apr

The global listing exchange, Cboe Australia, has received an application for a spot bitcoin (BTC) exchange traded fund (ETF) from Australia-based Monochrome Asset Management, the company reported on Friday.

The Monochrome Bitcoin ETF, if approved, may be Australia's first spot bitcoin ETF that permits direct bitcoin holding. Although they do not directly hold bitcoin, Australia already has two exchange-traded products that give exposure to spot crypto assets on Cboe Australia.

One of the company's major products is the Monochrome Bitcoin ETF. It might have also been listed on ASX, the bigger competitor of Cboe Australia, where bigger volumes are accessible. The head of law and compliance at Monochrome Asset Management, Derek Vladimir Henningsen, told CoinDesk in January 2024 that they expected to debut their bitcoin ETF in the second quarter of that year.

According to the statement, the company chose Cboe Australia as the listing venue for its bitcoin ETF because working with a market operator that has a solid reputation, a strategic position and depth of knowledge throughout Asia, and more investor access matches with its strategic aims.

In Australia, as opposed to the United States, companies must apply to an exchange for product listing after receiving approval from the Australian Securities & Investments Commission (ASIC). ASIC has already given Monochrome the go-ahead for its device.

The CEO of Monochrome Asset Management, Jeff Yew, stated, "We anticipate hearing back from Cboe Australia regarding our bitcoin ETF application before the middle of the year."

Among the five global listings exchanges operated by Cboe Global Markets is Cboe Australia.

April 2024, Cryptoniteuae

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