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Monochrome Asset Management to Launch Ethereum ETF on Cboe Australia
- Australian asset manager Monochrome has lodged an application for its newest product – an Ethereum ETF.
- The fund, named IETH, is set to support cash and in-kind redemptions for investors.
- IETH, if approved, is targeting a September launch on the Aussie exchange Cboe Australia.
Though the crypto market has hit September in a bit of a lull, institutional involvement in the sector continues to bubble away in the background. Aussie spot Bitcoin ETFs hit the nation’s biggest stock exchange – the ASX – in July, and investors have steadily accumulated BTC holdings through the past quarter.
Looking to leverage the growing success of spot Bitcoin ETFs Down Under, Monochrome Asset Management announced yesterday it is expanding into the Ethereum spot fund market.
Related: Survey Shows Aussie Investors Shun Real Estate, Flock to Crypto as Ownership Exceeds Global Rates
Monochrome Ether ETF Follows Success of Australia’s First Spot Bitcoin ETF with Direct Holdings
The spot Ether fund will launch on the tailwind of the SEC’s approval of the asset class in the United States, which has seen a slew of big-name institutions throwing their hats into the ring.
Monochrome Asset Management is already a well-known player in the digital currency sector, having released its spot Bitcoin ETF (IBTC) – which it called “Australia’s first…direct holding Bitcoin ETF.”
The team is now turning its attention to the crypto market’s second-biggest project, Ethereum, with the launch of the Monochrome Ethereum ETF. Monochrome has filed an application with the relevant Australian regulatory bodies, and now eagerly awaits approval.
New Ether ETF to Launch on Cboe Australia as Soon as September
According to the company’s press release, Monochrome anticipates launching its new Ether ETF in late September – pending regulatory approval. The fund, crafted in conjunction with Vasco Trustees Limited, will go live on Australia’s second biggest stock exchange, Cboe Australia.
IETH will support in-kind and cash applications and redemptions, giving Australian investors flexibility when adding Ethereum to their portfolios.
While some remain skeptical regarding the merit of an Ether ETF, given the lack of staking and on-chain participation, the news gives the crypto market a boost and may attract a range of new investors to the scene.
In particular, Australians have taken to adding cryptocurrencies to their self-managed super funds (SMSFs). The tentative Ethereum ETF gives them yet another regulated and trusted investment method to gain exposure to the digital asset market.
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Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
