Monochrome, an Australian asset management company, has submitted an application to Cboe Australia to introduce the country’s inaugural spot bitcoin ETF that will possess actual bitcoin. The expected approval timeframe is by mid-2024.

This ETF from Monochrome is unique in Australia as it aims to hold real bitcoin, similar to successful counterparts in the U.S. The Australian Securities and Investments Commission has approved Monochrome’s plan, and Cboe Australia is currently assessing the submission.

Jeff Yew, the CEO of Monochrome, expressed optimism about receiving a verdict from Cboe Australia on their Bitcoin ETF by mid-2024, highlighting its potential to be Australia’s first Bitcoin ETF with direct bitcoin holdings.

The proposed ETF would allow Australian investors to have direct access to bitcoin in a regulated framework. Monochrome selected Cboe for its listing due to its strategic acumen and broad influence in Asia, although it initially considered listing on the ASX.

Monochrome’s move to launch a spot bitcoin ETF in Australia is seen as an effort to capitalize on the growing institutional interest in Bitcoin, coinciding with the upcoming Bitcoin halving event, and could establish Monochrome as a leader in Australia’s ETF market.