Monochrome Asset Management, based in Brisbane, has decided to move its application for the Monochrome Bitcoin exchange-traded fund (ETF) to be listed on the Cboe Australia, an alternative trading venue to the Australian Securities Exchange (ASX). The firm made the decision in July 2023 and hopes to benefit from Cboe’s growing investment landscape in Asia. CEO Jeff Yew expressed excitement about working with Cboe Australia, citing their established track record and commitment to innovation as reasons for their strategic alignment with Monochrome’s objectives. Several other Bitcoin ETFs are already trading on ASX and Cboe Australia, including the BetaShares Crypto Innovators ETF, Global X 21Shares Bitcoin ETF, Global X 21Shares Ethereum ETF, 3iQ CoinShares Bitcoin Feeder ETF, and the 3iQ CoinShares Ether Feeder ETF.
The recent approval of spot Bitcoin ETFs by the U.S. Securities Exchange Commission has sparked a trading frenzy this year. Among the ETFs that gained momentum, the BlackRock iShares Bitcoin ETF, trading under the ticker symbol IBIT, has been a significant player in the market. This trading frenzy has also extended globally, as demonstrated by asset management firms in Hong Kong filing for spot Bitcoin ETFs with the Securities and Futures Commission. The move is intended to position these firms as first movers in launching investment vehicles for both retail and institutional investors. In the UK, the London Stock Exchange has announced that it will begin accepting applications for trading crypto exchange-traded notes (ETNs) in April, highlighting the growing interest and acceptance of crypto-related investments on major exchanges.
The decision to list the Monochrome Bitcoin ETF on Cboe Australia reflects the firm’s strategic approach to expand its investment options for Australian investors and leverage the expertise and market position of Cboe in the region. By partnering with Cboe Australia, Monochrome aims to tap into the growing investment opportunities in Asia and provide innovative solutions for investors looking to access digital assets. The move also aligns with the trend of increasing interest in Bitcoin ETFs globally, with various countries and regions exploring new opportunities for offering crypto-related investment products on major exchanges.
The approval of multiple spot Bitcoin ETFs by the U.S. Securities Exchange Commission has set off a wave of trading activity in the market, with investors showing significant interest in these investment products. The enthusiasm for Bitcoin ETFs has also prompted asset management firms in other regions, such as Hong Kong and the UK, to explore similar opportunities and launch their own investment vehicles. The announcement of the Monochrome Bitcoin ETF listing on Cboe Australia adds to the growing number of digital asset investment options available to investors, reflecting the increasing acceptance and integration of cryptocurrencies into mainstream investment portfolios.
As the market for Bitcoin ETFs continues to evolve and expand globally, there is a growing recognition of the potential for digital assets to play a significant role in traditional investment strategies. The decision by Monochrome Asset Management to list its Bitcoin ETF on Cboe Australia represents a strategic move to capitalize on the growing interest in digital assets within the Australian investment landscape and provide innovative investment solutions for investors. With the approval of multiple spot Bitcoin ETFs in various regions, including the U.S., Hong Kong, and the UK, the trend of offering crypto-related investment products on major exchanges is gaining momentum, signaling a shift towards greater acceptance and adoption of cryptocurrencies in traditional investment markets.
