Australian crypto-asset firm Monochrome Group has registered its Bitcoin and Ethereum ETFs with Singapore's Monetary Authority, marking a strategic expansion into Southeast Asian markets amid growing institutional demand for regulated digital asset products.
"We're bringing Monochrome to South East Asia, starting with getting the first Australian Bitcoin ETF registered with the Monetary Authority of Singapore," CEO Jeff Yew told Decrypt.
The firm's Bitcoin ETF (IBTC) and Ethereum ETF (IETH) secured registration as restricted schemes, enabling access for accredited or institutional investors through Singapore's regulated financial framework, which places a minimum of S$200,000 per transaction.
These new products allow both Bitcoin and cash subscriptions and redemptions, addressing varied institutional requirements in the region.
"It's not about chasing price moves—it's about building real infrastructure and giving institutions, investors, and even governments better access to Bitcoin," Yew said, reflecting on Sunday’s market rout which triggered over $2 billion in liquidations.
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Monochrome's expansion includes a strategic partnership with Anadara Capital to strengthen institutional services. The company enhanced its infrastructure by onboarding BitGo Trust Company for custody services on both ETF products, addressing security concerns common among institutional investors.
The Australian firm plans to build out regional offices within the year 2025 as it focuses on ironing out regulatory compliance and its engagements with institutions.
In October last year, the firm worked on launching Australia's first "true" spot Ethereum ETF on Cboe.
Cutting through the noise
Monochrome's expansion into Southeast Asia with regulated crypto ETFs from Singapore arrives amid broader market turbulence, including trade tensions impacting traditional assets like equities and currencies.
Institutions are increasingly viewing regulated digital asset products as portfolio hedges against geopolitical and macroeconomic instability, driving demand for compliant offerings like IBTC/IETH.
The crypto market bloodbath over the weekend saw roughly 11.4% of its market cap wiped over the last 24 hours, according to data from CoinGecko.
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Monochrome Asset Management says it is preparing to launch Australia’s first "true" spot Ethereum exchange-traded fund on Cboe following the asset’s long-anticipated approval in the U.S. market. Set to begin trading on Monday (Tuesday 10 AM AEDT), Monochrome’s Ethereum ETF (IETH) follows the approval of its spot Bitcoin ETF (IBTC) in August 2023, which has since garnered $15 million (US$10.1 million) after launching in June. While that falls well short compared to the billions held in the U.S.,...
"We've seen Bitcoin go through every kind of macro cycle over the years—it's built for this," Yew said. "Institutional investors don't get caught in short-term noise, that's why we're focused on fundamentals and expanding access to the asset where it's needed most."
The move aligns with Asia's growing role as a crypto regulatory hub while Western markets face political uncertainty over digital asset policies.
Monochrome's MAS-approved ETFs provide a blueprint for integrating crypto into mainstream finance through rigorous compliance frameworks, contrasting with ad-hoc approaches in volatile jurisdictions.
Yew describes Bitcoin as a "unique commodity" whose "short-term volatility" is "purely caused by fluctuations in demand."
In effect, Yew sees the recent macro market movements as having "no cause or impact to the underlying supply or protocol rigidity."
Edited by Sebastian Sinclair
