Australia’s first exchange-traded Bitcoin ETF in the pipeline
Monochrome, an Australian asset manager, plans to launch Australia's first exchange-traded Bitcoin ETF that will actually hold physical Bitcoin. The company has submitted an application to Cboe Australia and expects regulatory approval by mid-2024. If given the green light, this ETF will give Australian investors direct exposure to Bitcoin in a regulated format.
Strategic timing before Bitcoin halving event
The launch is strategically timed ahead of Bitcoin's next halving event, which could boost investment interest. Monochrome had initially considered listing on the ASX, but decided to move to Cboe to capitalize on its broad reach in Asia.
Impact on the market and legitimization of Bitcoin
This move could establish Monochrome as a leading player in Australia's ETF market and further legitimize Bitcoin as an asset class.
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