Australian Asset Manager Monochrome Eyes Spot Bitcoin ETF Listing with Cboe Australia

Brisbane-based Monochrome Asset Management has announced it has moved its application for its flagship product the Monochrome Bitcoin exchange-traded fund (ETF) to be listed on the Cboe Australia.

The Australian firm applied in July 2023 to list its ETF on the Australian Securities Exchange (ASX). Cboe Australia is an alternative trading execution venue to the ASX. 

The firm said one reason for choosing to list on Cboe Australia is due to the venue’s growing investment landscape in Asia. The Australian asset management firm hopes it will benefit from Cboe’s market position and expertise in the region. 

“We are proud to work with Cboe Australia to bring Monochrome’s new bitcoin ETF to market, expanding the investment universe for Australian Investors,” said Jeff Yew, CEO at Monochrome, in an announcement.

“As leaders in digital assets globally, their established track record and commitment to innovation and safe market accessibility aligns with Monochrome’s strategic objectives,” adds Yew.

ASX and Cboe Listed Bitcoin ETFs

There are already a handful of Bitcoin ETFs trading on the ASX and Cboe Australia. This includes BetaShares Crypto Innovators ETF (CRYP), Global X 21Shares Bitcoin ETF (EBTC) Global Ex 21Shares Ethereum ETF (EETH) the 3iQ CoinShares Bitcoin Feeder ETF (BT3Q) and the 3iQ CoinShares Ether Feeder ETF (ET3Q).

Bitcoin ETF Trading Frenzy

This year, the U.S. Securities Exchange Commission (SEC) approved around a dozen spot Bitcoin ETFs which have gained momentum causing a huge trading frenzy. The BlackRock iShares Bitcoin ETF trading under the ticker symbol IBIT has been leading the pack.

Bitcoin ETF Frenzy Goes Global

In March, two asset management firms in Hong Kong jointly filed for a spot Bitcoin ETF with the Securities and Futures Commission (SFC). The move comes at a time when the regulator is gearing up to approve ‘in-kind’ BTC spot ETFs in Q2 2024.

VSFG and Value Partners announced that they have applied for a spot Bitcoin ETF. Both firms aim to secure first-mover advantages by launching the investment vehicle for both retail and institutional investors.

In the UK, the London Stock Exchange said it will begin accepting applications for trading these crypto exchange-traded notes (ETNs) from April 8. ETNs and ETFs have similar characteristics — trading on major exchanges like stocks.