Asset Manager Monochrome receives approval to launch Spot Bitcoin ETF in Australia

Asset Manager Monochrome receives approval to launch Spot Bitcoin ETF in Australia

Digital asset manager Monochrome has received regulatory approval from Australia’s securities regulator to offer spot crypto exchange-traded funds (ETFs).

According to an official announcementMonochrome is one of the first asset management companies to obtain an Australian Financial Services License (AFSL) from the Australian Securities & Investments Commission (ASIC) for crypto-related ETFs.

Monochromatic Bitcoin ETF

The company noted that the products, dubbed Monochrome Bitcoin ETF, offer retail investors direct assured exposure and experience to the performance of Bitcoin, Ethereum and other cryptocurrencies. However, the asset manager did not disclose when the product would be available for trading.

“The regulator’s approval of this license variation represents a major step forward for the advisory industry and retail investors, enabling advisors to meet their clients’ market demands for the nascent class of crypto-assets. “, said Jeff Yew, CEO of Monochrome.

Monochrome’s Bitcoin ETF plan has been in the works since February 2022. Back then, the company launched a series to provide insight into the growth of the bitcoin investment market. The asset manager also reviewed efforts in the US regarding the launch of a Bitcoin ETF.

While the United States has approved several futures-based Bitcoin ETFs, the country has continued to reject all applications for a spot-based Bitcoin ETF. The last rejection was the Grayscale Bitcoin ETF, denied by the United States Securities and Exchange Commission (SEC).

Monochrome hoped the review would help launch a Bitcoin ETF in Australia as the leading cryptocurrency matures and receives institutional recognition.

$15 million valuation

Monochrome was launched in early 2021 by former Binance Australia CEO Jeff Yew to push for institutional adoption of crypto assets in Australia. The asset manager is perhaps best known for its capital growth investment vehicle for wholesale investors called the Monochrome Bitcoin Fund.

The company was last valued at $15 million after raising $1.8 million in a Series A funding round in September 2021. The fundraising was led by reputable crypto entrepreneurs, including Charlie Lee of Litecoin, Samson Mow of Blockstream, and former Binance executives Wei Zhou and Kain Warwick.

Meanwhile, the first Australian-based Bitcoin ETF, the Cosmos Purpose Ethereum Access ETF (CPET), has received low reception since it went live on the Cboe Australia exchange on May 12, 2022.


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