Monochrome Asset Management, a Brisbane-based company, has moved its request for Bitcoin exchange-traded fund (ETF) licenses to Cboe Australia. The company’s intent was to go public on the Australian Securities Exchange (ASX) by July 2023. The selection of Cboe Australia results from the growing importance of Asia’s investment landscape. Monochrome wants to utilize Cboe’s market knowledge and position to draw Australian investors.

The CEO of Monochrome, Jeff Yew, welcomed working with Cboe Australia. He pointed out that Cboe is a global leader in digital assets and is always striving to innovate. Yew thinks this is in line with Monochrome’s approach to safe market penetration. This measure is designed to expand investment opportunities for the Australian population interested in digital currencies.

Developing opportunities for Bitcoin ETFs

Some Bitcoin Ethereum ETFs are already present at ASX and Cboe Australia. These are the BetaShares Crypto Innovators ETF (CRYP) and the Global X 21Shares Bitcoin ETF (EBTC), among many others. Besides, there is also the Ethereum-focused Global Ex 21Shares Ethereum ETF (EETH). The appearance of these ETFs shows an increasing market for digital asset investments in Australia.

This trend also spreads outside Australia, and there are considerable events in the USA. The U.S. Securities Exchange Commission (SEC) greenlighted about a dozen spot Bitcoin ETFs this year. Especially popular has become the BlackRock iShares Bitcoin ETF, listed as IBIT. This has led to a boom in Bitcoin ETF trading.

International adoption and approvals of regulations

Firms from Hong Kong‘s asset management sector also have entered the Bitcoin ETF world. In March, VSFG and Value Partners filed a registration for a Bitcoin ETF with the Securities and Futures Commission (SFC). They seek to achieve pioneering advantages in the market as the SFC prepares to approve ‘in-kind’ BTC spot ETFs in the second quarter of 2024.

In the United Kingdom, the London Stock Exchange revealed that it would begin receiving applications for crypto exchange-traded notes (ETNs) on April 8. ETNs resemble ETFs and give investors another way of accessing digital currencies.

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