Australian asset manager Monochrome Asset Management has announced its application to list its flagship product, the Monochrome Bitcoin exchange-traded fund (ETF), on Cboe Australia.
Previously, the Brisbane-based firm had applied in July 2023 to list the ETF on the Australian Securities Exchange (ASX). Cboe Australia serves as an alternative trading venue to the ASX.
The decision to list on Cboe Australia was influenced by the growing investment landscape in Asia. Monochrome Asset Management anticipates benefiting from Cboe’s market position and expertise in the region.
Jeff Yew, CEO of Monochrome, expressed pride in collaborating with Cboe Australia to introduce the new bitcoin ETF to the market, expanding investment opportunities for Australian investors.
Already, there are several Bitcoin ETFs trading on both the ASX and Cboe Australia, such as the BetaShares Crypto Innovators ETF (CRYP), Global X 21Shares Bitcoin ETF (EBTC), Global X 21Shares Ethereum ETF (EETH), 3iQ CoinShares Bitcoin Feeder ETF (BT3Q), and 3iQ CoinShares Ether Feeder ETF (ET3Q).
In the United States, the Securities Exchange Commission (SEC) has recently approved approximately a dozen spot Bitcoin ETFs, sparking significant trading activity. Notably, the BlackRock iShares Bitcoin ETF (IBIT) has been particularly prominent in this regard.
The Bitcoin ETF frenzy has extended globally. In March, two asset management firms in Hong Kong jointly applied to the Securities and Futures Commission (SFC) for the creation of a spot Bitcoin ETF. This move coincides with the regulator’s preparations to approve ‘in-kind’ BTC spot ETFs in the second quarter of 2024.
VSFG and Value Partners have applied for a spot Bitcoin ETF in Hong Kong, aiming to establish a first-mover advantage by offering the investment vehicle to both retail and institutional investors.
Meanwhile, in the UK, the London Stock Exchange has announced plans to begin accepting applications for trading crypto exchange-traded notes (ETNs) starting on April 8. ETNs and ETFs share similarities, as they both trade on major exchanges like stocks.
