Monochrome, an Australian investment company, has submitted an application to have its innovative spot Bitcoin exchange-traded fund (ETF) listed on Cboe Australia instead of the Australian Securities Exchange (ASX).

As announced on April 5, the move is seen as a strategic decision to take advantage of the expanding investment opportunities in Asia. The company believes that by being listed on Cboe Australia, which is part of Cboe Global Markets and has a more international reach, it can provide better access to investors.

According to Monochrome's CEO, Jeff Yew, partnering with Cboe Australia is crucial in introducing the new Bitcoin ETF to the market and broadening the investment options for Australian investors. The company values Cboe's strong reputation, expertise, and strategic position in Asia as aligning well with its own goals.

Unlike in the U.S., Australian firms need to obtain approval from regulatory bodies like the Australian Securities & Investment Commission (ASIC) and ASX before seeking ETF listings on exchanges. Monochrome updated its application last July to get clearance from ASX for its Spot Bitcoin ETF.

According to DeFi Planet, Monochrome has enlisted Vasco Trustees Ltd. as a Responsible Entity Partner to manage the Bitcoin ETF under its Australian Financial Services (ASF) License, targeting direct and regulated exposure to digital assets for retail investors.

Monochrome's chief of legal and compliance, Derek Vladimir Henningsen, projected in January 2024 that their Bitcoin ETF would likely receive regulatory approval and be listed in Q2 2024.

Once approved, Monochrome's spot Bitcoin ETF will be the first of its kind in Australia. This offering would allow more individuals to own Bitcoin directly in a regulated setting, potentially transforming the Australian investment landscape.