Monochrome Asset Management, headquartered in Brisbane, has announced the relocation of its application for the Monochrome Bitcoin exchange-traded fund (ETF) to the Cboe Australia platform. Originally intended for listing on the Australian Securities Exchange (ASX) in July 2023, the move signifies a strategic shift towards Cboe Australia, recognized as an alternative trading venue to the ASX.
The decision to opt for Cboe Australia stems partly from its burgeoning investment landscape in the Asian region. Monochrome anticipates leveraging the market position and expertise of Cboe to enhance its ETF’s reach and appeal.
Jeff Yew, CEO of Monochrome, expressed enthusiasm about collaborating with Cboe Australia, emphasizing the expansion of investment opportunities for Australian investors. He stated, “We are proud to work with Cboe Australia to bring Monochrome’s new bitcoin ETF to market, expanding the investment universe for Australian Investors.”
Yew further highlighted the alignment between Monochrome’s strategic objectives and Cboe’s reputation as global leaders in digital assets, citing their established track record, commitment to innovation, and emphasis on safe market accessibility.
ASX and Cboe Listed Bitcoin ETFs
Several Bitcoin ETFs are currently available for trading on both the ASX and Cboe Australia. Among them are the BetaShares Crypto Innovators ETF (CRYP), Global X 21Shares Bitcoin ETF (EBTC), Global X 21Shares Ethereum ETF (EETH), as well as the 3iQ CoinShares Bitcoin Feeder ETF (BT3Q) and the 3iQ CoinShares Ether Feeder ETF (ET3Q).
Bitcoin ETF Trading Frenzy
In the current year, the U.S. Securities Exchange Commission (SEC) has greenlit approximately a dozen spot Bitcoin ETFs, sparking a significant surge in trading activity. Leading this wave is the BlackRock iShares Bitcoin ETF, traded under the ticker symbol IBIT, which has emerged as the frontrunner in the market frenzy.
Bitcoin ETF Frenzy Goes Global
In March, two asset management firms in Hong Kong jointly submitted a proposal for a spot Bitcoin ETF to the Securities and Futures Commission (SFC). This initiative coincides with the regulator’s preparations to potentially authorize ‘in-kind’ BTC spot ETFs in the second quarter of 2024.
VSFG and Value Partners have disclosed their application for a spot Bitcoin ETF, aiming to seize the first-mover advantage by introducing this investment vehicle catering to both retail and institutional investors.
Meanwhile, in the UK, the London Stock Exchange has announced its intention to commence accepting applications for trading crypto exchange-traded notes (ETNs) starting from April 8. ETNs share similarities with ETFs, as they trade on major exchanges akin to stocks.
