Bitcoin ETF Launch Expected in 2 Months – CEO

Monochrome, an Australian asset manager, is planning to launch its flagship spot Bitcoin exchange-traded fund (ETF) on the global listing exchange Cboe Australia. The company filed for the spot Bitcoin ETF in July 2023, and if approved, it will be Australia’s first ETF to allow direct holding of Bitcoin. While Australian regulators have already approved two exchange-traded products (ETPs) that provide exposure to spot crypto assets on Cboe Australia, these ETPs do not directly hold Bitcoin. Instead, they invest in investment products that have exposure to spot Bitcoin ETFs. Asset managers must obtain approval from the securities regulator and then apply to an exchange for listing their spot Bitcoin ETF in Australia. Monochrome has already received approval from the Australian Securities Exchange (ASX) and expects Cboe Australia to clear its application by June. Initially, Monochrome planned to launch its spot Bitcoin ETF on ASX but chose Cboe Australia as it aligns better with their vision, market reach, and time frame. They anticipate a decision from Cboe Australia before the middle of 2024, and if approved, it will be the first Bitcoin ETF in Australia authorized to hold Bitcoin directly. The key difference between existing ETPs and the Monochrome spot Bitcoin ETF is that it provides investors with a transparent pathway to exposure, similar to how spot Bitcoin ETFs are structured in the U.S. The successful launch of spot BTC ETFs in the U.S. has influenced other countries to consider introducing similar products in their markets.