In a strategic maneuver aimed at expanding its footprint, Monochrome Asset Management, an Australian investment firm, has submitted an application to list its flagship Monochrome Bitcoin ETF on Cboe Australia, one of the five global exchanges under Cboe Global Markets.
This shift in strategy diverges from Monochrome’s initial intentions to list the ETF on the larger Australian Securities Exchange (ASX), where trading volumes traditionally run higher. Nonetheless, the firm has identified pivotal reasons aligning with its objectives in opting for Cboe Australia as the listing platform.
Should the application be granted, the Monochrome Bitcoin ETF would become Australia’s pioneering spot Bitcoin ETF, facilitating direct investment in the world’s foremost cryptocurrency. Although the nation presently hosts two crypto exchange-traded products on Cboe Australia, none of them possess actual Bitcoin holdings.
In contrast to the process in the United States, Australian companies must first secure clearance from the national regulatory body, the Australian Securities Exchange (ASX), before seeking listing approval from an exchange for an ETF. Monochrome has already obtained this green light from the ASX for its Bitcoin ETF offering.
“We expect a decision from Cboe Australia about our Bitcoin ETF application before the middle of the year,” Yew stated.
Back in January, Derek Vladimir Henningsen, who serves as Monochrome’s head of legal and compliance, had projected that the ETF would secure its listing by the second quarter of 2024.
