• Written by: Crypto Breaking News
  • Fri, 05 Apr 2024
  •   United Kingdom

Australian asset manager Monochrome plans to launch the nation’s first spot bitcoin exchange-traded fund (ETF) that holds physical bitcoin. JUST IN: The first #Bitcoin spot ETF in Australia to go live "in 2024," asset manager Monochrome says. It would be the first Australian ETF to hold $BTC directly. pic.twitter.com/x8nYRNzZra — Bitcoin Magazine (@BitcoinMagazine) April [...]The post First Spot Bitcoin ETF to launch in Australia, Says Monochrome appeared first on Crypto Breaking News.

First Spot Bitcoin ETF to launch in Australia, Says Monochrome

Australian asset manager Monochrome plans to launch the nations first spot bitcoin exchange-traded fund (ETF) that holds physical bitcoin.

Monochrome filed an application with securities exchange Cboe Australia to list its flagship bitcoin ETF product. The firm expects approval by mid-2024.

Unlike previous bitcoin exchange-traded products in Australia, Monochromes ETF would hold actual bitcoin. This structure mirrors the highly successful spot bitcoin ETFs in the United States.

The Australian Securities and Investments Commission has already greenlighted Monochromes proposal. Cboe Australia is now reviewing the application.

We anticipate a decision from Cboe Australia about the Monochrome Bitcoin ETF before the middle of 2024, said CEO Jeff Yew. The Monochrome Bitcoin ETF stands to be the first Bitcoin ETF in Australia authorized to hold Bitcoin directly.

If approved, the ETF would provide local investors with direct exposure to bitcoin through a regulated investment vehicle. Monochrome said it chose Cboe for its strategic expertise and extensive reach across Asia.

The firm had originally planned to list on rival exchange ASX, but it has since pivoted to Cboes platform.

Australia joining the spot bitcoin ETF movement could further validate Bitcoin as an investable asset class, as Monochrome is aiming to tap surging institutional demand as the Bitcoin industry matures.

The funds launch would arrive just before Bitcoins next halving event, likely boosting interest. As the first to hold physical bitcoin, Monochrome could quickly dominate the local ETF space in Australia. 

Source: Bitcoin Magazine

The post First Spot Bitcoin ETF to launch in Australia, Says Monochrome appeared first on Crypto Breaking News.