Summary
Australian asset manager Monochrome plans to launch the nation’s first spot bitcoin exchange-traded fund (ETF) that holds physical bitcoin. Monochrome has filed an application with Cboe Australia and expects approval by mid-2024. If approved, the ETF would provide local investors with direct exposure to bitcoin through a regulated investment vehicle and could further validate Bitcoin as an investable asset class in Australia.
Key Points
1. Monochrome plans to launch Australia’s first spot bitcoin exchange-traded fund (ETF) that holds physical bitcoin, with approval expected by mid-2024 from Cboe Australia.
2. Unlike previous bitcoin exchange-traded products in Australia, Monochrome’s ETF would hold actual bitcoin, similar to successful spot bitcoin ETFs in the United States.
3. The Australian Securities and Investments Commission has approved Monochrome’s proposal, with Cboe Australia now reviewing the application. If approved, the ETF would provide local investors with direct exposure to bitcoin through a regulated investment vehicle.