Australian-based crypto investment firm, Monochrome Asset Management, has submitted an updated application to offer a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner, Vasco Trustees. The proposed Monochrome Bitcoin ETF (IBTC) aims to provide retail Australian investors with direct exposure to Bitcoin and Ethereum.
Monochrome’s CEO, Jeff Yew, highlighted that obtaining a license for a Bitcoin ETF would allow investors to gain exposure to the asset class within a regulated and protected environment. Yew emphasized that this creates a significant advantage over unregulated exchanges, as it offers investor protection and operates within established regulatory boundaries. By bringing a Bitcoin ETF to ASX, Yew believes it will send a clear signal to traditional investors that the era of the unregulated “Wild West” is coming to an end.
Vasco Trustees, serving as Monochrome’s “Responsible Entity Partner,” holds authorization under the Australian Financial Services License to provide regulated exposure to the cryptocurrency market for retail investors. This partnership ensures compliance with regulatory requirements and enhances investor confidence.
Spot Bitcoin ETF applications have garnered attention globally, particularly in the United States. Major financial firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie, and the $10 trillion asset management firm BlackRock, have recently filed for spot Bitcoin ETFs. The introduction of a Bitcoin ETF on the ASX would represent a significant step towards mainstream adoption and validation of the cryptocurrency market.
Overall, Monochrome’s revised filing for a spot Bitcoin ETF on the Australian Securities Exchange aims to provide a structured and protected investment avenue for Australian retail investors seeking exposure to Bitcoin and Ethereum. If approved, the establishment of such a regulated ETF would contribute to the ongoing evolution and maturation of the cryptocurrency market.