Monochrome Updated Groundbreaking Application For First Bitcoin ETF In Australia
- Monochrome Asset Management and Vasco Trustees file updated Bitcoin ETF application in Australia.
- The ETF aims to offer direct exposure to Bitcoin and Ether for retail investors.
- The move reflects the rising trend of Bitcoin ETF applications globally.
Monochrome Asset Management Pty Ltd, a crypto-focused investment management firm, and its responsible entity partner Vasco Trustees Ltd have made a significant move in the cryptocurrency industry by filing an updated application for a spot Bitcoin exchange-traded fund (ETF) with the Australian Securities Exchange (ASX). This marks a significant development for the Australian market as it would be the country’s first spot Bitcoin ETF under the new regulatory framework.
The Monochrome Bitcoin ETF (IBTC) aims to provide retail Australian investors with direct exposure to Bitcoin. In addition, the ETF will also offer exposure to Ether (ETH), the second-largest cryptocurrency by market capitalization. This will be made possible through Monochrome’s partnership with Vasco, which holds an Australian Financial Services Licence to offer regulated exposure to crypto-assets, specifically Bitcoin and Ethereum.
The updated application emphasizes the growing interest and demand for regulated investment products that provide exposure to digital assets. Monochrome and Vasco have enlisted the support of several leading service providers to ensure a robust offering. State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company are among the key partners supporting the venture.
The move aligns with efforts by the Australian Securities and Investments Commission (ASIC) to establish a comprehensive regulatory framework for crypto-asset exchange-traded products. The framework is aimed at providing clear pathways and regulatory requirements for market participants offering financial products with direct exposure to crypto-assets. This development is expected to enhance investor confidence and facilitate the entry of traditional investors into the emerging asset class.
Spot Bitcoin ETFs have been a hot topic in the global cryptocurrency industry, particularly in the United States. Several major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie, and BlackRock, have recently filed spot Bitcoin ETF applications, signaling the growing interest in regulated investment products tied to Bitcoin. These developments have attracted institutional investors, who have poured significant amounts of money into crypto asset funds, with a net inflow of $500 million in the last three weeks alone.
While the focus has largely been on the US market, the recent acknowledgment by the United States Securities and Exchange Commission (SEC) of Bitwise’s spot Bitcoin ETF application highlights the increasing recognition of the potential of these investment vehicles. As the global regulatory landscape continues to evolve, the approval of spot Bitcoin ETFs in various jurisdictions could pave the way for greater adoption and mainstream acceptance of cryptocurrencies as investment instruments.
Overall, the filing of the updated spot Bitcoin ETF application in Australia represents a significant step forward in the country’s crypto investment landscape. If approved, the Monochrome Bitcoin ETF would provide retail investors with a convenient and regulated way to gain exposure to Bitcoin and Ether, further bridging the gap between traditional financial markets and the world of digital assets.
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