Monochrome Asset Management, a prominent Australian investment firm, has taken a significant step by applying to list its first Bitcoin ETF on Cboe Australia. This decision represents a change in strategy from the firm's original plan to list the ETF on the Australian Securities Exchange (ASX), where trading volumes are generally higher.

Monochrome's decision to list on Cboe Australia was influenced by several key factors that align with its objectives. If approved, the Monochrome Bitcoin ETF would be the first of its kind in Australia, enabling direct investment in the world's largest cryptocurrency.

Interestingly, Australia already has two crypto exchange-traded products listed on Cboe Australia, but neither of them holds actual Bitcoin. Therefore, the Monochrome Bitcoin ETF would fill this gap in the market.

Unlike the process in the United States, Australian firms must first secure approval from the national regulator, the Australian Securities Exchange (ASX), before applying to an exchange for an ETF listing. Monochrome has already obtained this clearance from the ASX for its Bitcoin ETF product.

Yew, a spokesperson for Monochrome, stated that the firm expects a decision from Cboe Australia regarding its Bitcoin ETF application before the middle of the year. In January, Derek Vladimir Henningsen, Monochrome's head of legal and compliance, had predicted that the ETF would be listed by the second quarter of 2024.