Last Updated: 18 August 2022
Investors in Australia have a new way to invest in bitcoin and a handful of altcoins. Asset management company Monochrome has launched a number of exchange-traded funds (ETFs).
— Digital Asset Hodling ✨ (@DAHodling) August 18, 2022
The Australian securities watchdog has already approved these spot crypto exchange-traded funds (ETFs).
According to the press release, Monochrome is one of the first asset managers to obtain an Australian Financial Services Licence (AFSL) for a crypto fund from the Australian Securities & Investments Commission (ASIC).
The fund has been launched under the name Monochrome Bitcoin ETF. Retail investors will get exposure to bitcoin without having to worry about private key management and other technical issues.
The asset manager does not yet know when the bitcoin fund will actually be tradable. Jeff Yew, CEO of Monochrome, explains:
“The regulatory approval and this license is a big step forward for both the advisory industry and retail investors, allowing us to meet the demands of their clients when it comes to crypto-currencies.”
Yew is the former CEO of Binance Australia.
Spot market ETFs
Monochrome has been working on the fund since February this year. At that time, the company also launched an online series to paint a clear picture of bitcoin. After raising nearly $2 million in the Series A round, Monochrome was valued at $15 million during its latest valuation.
Remarkably, a similar ETF has still not been approved in the United States. The Securities and Exchange Commission (SEC) still considers the risk to investors too great and has, therefore, already rejected numerous applications. The final decision on the filing of Ark Invest and 21Shares has been postponed until the end of August.
Futures-based bitcoin ETFs have, however, been approved in the United States. The spot market variant is still awaited.