Australian asset manager Monochrome is taking a new approach with its flagship Bitcoin exchange-traded fund (ETF). The firm has announced it's shifting its listing application from the Australian Securities Exchange (ASX) to Cboe Australia.

This move highlights the growing competition within Australia's burgeoning crypto ETF market. Several ETFs already exist, including BetaShares Crypto Innovators (CRYP) and Global X's offerings (EBTC, EETH).

Monochrome sees Cboe Australia as a strategic partner. "We are proud to work with Cboe Australia," stated CEO Jeff Yew. "Their established track record and commitment to innovation aligns with Monochrome's goals." Cboe's growing presence in Asia is another factor in Monochrome's decision.

The news comes amidst a global Bitcoin ETF frenzy. The U.S. SEC recently approved a dozen spot Bitcoin ETFs, with BlackRock's iShares Bitcoin ETF (IBIT) leading the charge. Hong Kong also saw joint applications for a spot Bitcoin ETF earlier this year, with regulators expected to approve "in-kind" BTC ETFs in Q2 2024.

The UK is also joining the party, with the London Stock Exchange accepting applications for crypto exchange-traded notes (ETNs) starting April 8th. While similar to ETFs, ETNs have some key differences.

Monochrome's decision to switch platforms highlights the dynamic landscape of crypto ETFs in Australia and around the world. Investors can expect to see continued innovation and competition as this market matures.