Get ready, Australia! Monochrome is set to break new ground by launching the nation’s first spot Bitcoin exchange-traded fund (ETF) that actually holds physical Bitcoin. This is a game-changer!
JUST IN: 🇦🇺 The first #Bitcoin spot ETF in Australia is set to go live in 2024, courtesy of asset manager Monochrome. This ETF will hold $BTC directly for the first time in Australia. Exciting news! pic.twitter.com/x8nYRNzZra
— Bitcoin Magazine (@BitcoinMagazine) April 5, 2024
Monochrome has filed an application with securities exchange Cboe Australia to introduce their groundbreaking Bitcoin ETF. They are confident of approval by mid-2024.
This ETF differs from previous Bitcoin exchange-traded products in Australia as it will hold actual Bitcoin, following the successful model of spot Bitcoin ETFs in the United States.
The Australian Securities and Investments Commission has already given the green light to Monochrome’s proposal, and now it’s up to Cboe Australia to review the application.
CEO Jeff Yew stated, “The Monochrome Bitcoin ETF could be authorized to hold Bitcoin directly, pending Cboe Australia’s decision before mid-2024.”
If approved, this ETF will offer local investors direct exposure to Bitcoin through a regulated investment vehicle, with Cboe chosen for its expertise and reach across Asia.
Initially planning to list on ASX, Monochrome has switched to Cboe’s platform for this exciting launch.
This move by Australia to embrace the spot Bitcoin ETF trend will further establish Bitcoin as a legitimate investment asset. Monochrome aims to meet increasing institutional demand as the Bitcoin industry evolves.
The launch of this fund just before Bitcoin’s next halving event is sure to pique interest. As the first ETF to hold physical Bitcoin, Monochrome is poised to lead the local ETF market in Australia. Don’t miss out on this unique opportunity!
