Australia Set to Debut Direct Bitcoin ETF Following U.S. Lead
Australia's first Bitcoin ETF aims for a July launch, following US success
Monochrome, an investment firm in Australia, is set to introduce a Bitcoin ETF by July 2023, following a green light from the ASX and awaited approval from Cboe Australia.
This follows the U.S. success story where Bitcoin ETFs hit the market with strong performance in January 2024.
This ETF from Monochrome would be Australia's first to directly invest in Bitcoin, different from other exchange-traded products (ETPs) that indirectly invest in Bitcoin ETFs.
Approval from the securities regulator precedes a Cboe Australia listing, which Monochrome expects soon.
Monochrome shifted its listing preference from ASX to Cboe to align with its strategic vision, as stated by CEO Jeff Yew.
He emphasized the Monochrome ETF's direct Bitcoin holding, likening it to the U.S. models, offering investors a clear, direct path to Bitcoin.
Spot Bitcoin ETFs are in high demand in the U.S., with significant investments recorded in the initial months.
Inspired by this, other countries like Hong Kong are considering introducing similar funds, indicating a global trend in accepting Bitcoin as a mainstream investment option.
