Brisbane-based Monochrome Asset Management has recently announced that it has moved its application for its flagship product, the Monochrome Bitcoin exchange-traded fund (ETF), to be listed on Cboe Australia. The firm had initially applied in July 2023 to list its ETF on the Australian Securities Exchange (ASX). The decision to list on Cboe Australia was made due to the venue’s growing investment landscape in Asia, with Monochrome hoping to benefit from Cboe’s market position and expertise in the region. Monochrome CEO Jeff Yew expressed pride in the partnership with Cboe Australia and looks forward to expanding the investment universe for Australian investors.
Currently, there are several Bitcoin ETFs trading on both the ASX and Cboe Australia, including BetaShares Crypto Innovators ETF (CRYP), Global X 21Shares Bitcoin ETF (EBTC), Global Ex 21Shares Ethereum ETF (EETH), the 3iQ CoinShares Bitcoin Feeder ETF (BT3Q), and the 3iQ CoinShares Ether Feeder ETF (ET3Q). These ETFs provide investors with exposure to the cryptocurrency market through regulated and transparent investment vehicles. The growing popularity of Bitcoin ETFs has created a trading frenzy, with a significant rise in trading volumes and market demand.
In the United States, the U.S. Securities Exchange Commission (SEC) recently approved around a dozen spot Bitcoin ETFs, leading to a surge in trading activity. The BlackRock iShares Bitcoin ETF, trading under the ticker symbol IBIT, has been a standout performer in the market. This trend has also extended globally, with asset management firms in Hong Kong filing for spot Bitcoin ETFs with the Securities and Futures Commission (SFC). VSFG and Value Partners aim to gain a first-mover advantage by launching these investment vehicles for both retail and institutional investors.
The global Bitcoin ETF frenzy has also reached the United Kingdom, where the London Stock Exchange announced that it would begin accepting applications for trading crypto exchange-traded notes (ETNs) starting in April. ETNs and ETFs share similar characteristics, allowing investors to trade them on major exchanges like stocks. This move demonstrates the increasing interest in digital assets among investors worldwide, as they seek exposure to the potential growth and value offered by cryptocurrencies like Bitcoin and Ethereum. The approval of these investment products by regulatory authorities further legitimizes and integrates digital assets into traditional financial markets.
As the demand for Bitcoin ETFs continues to grow, asset managers and financial institutions are responding by developing innovative products to cater to this market. Monochrome Asset Management’s decision to move its Bitcoin ETF application to Cboe Australia reflects the company’s strategic vision to leverage the venue’s market expertise and expand its reach into the Asian investment landscape. This development aligns with the broader trend of increasing interest in digital assets as viable investment options, providing investors with diversified portfolios and exposure to emerging asset classes. With traditional financial institutions and regulatory bodies embracing cryptocurrencies, the future of Bitcoin ETFs appears promising, offering investors new opportunities to participate in the evolving digital asset market.
