Australian asset management company Monochrome has applied for approval Partnering with Vasco Trustees Limited.
The application shows that Monochrome selected CBOE Australia as the trading platform for this product listing. Monochrome claims to be the first Australian entity to directly hold ether and hopes to receive approval by the end of September.
Monochrome applies to issue spot Ethereum ETF with code IETH
As revealed on Thursday Press release, Monochrome Asset Management Requested Australian Spot Ethereum Exchange Traded Fund (ETF).
The asset management company said in a statement that it plans to list the ETH ETF on Cboe Australia and Approved by the end of this month.
Monochrome has submitted an application for listing, with the code Monochrome Ethereum ETF $IETH Providing retail investors with regulated access to Ethereum on Cboe Australia.
The quotation is expected to be available by the end of September this year.
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— Monochrome (@MonochromeAsset) September 5, 2024
Additionally, Monochrome noted that its ETH ETF will passively hold Ethereum, allowing retail investors to participate in Ether investment in a regulated market.
In addition, the company stated that if approved, its ETH ETF will be listed under the ticker IETH. In addition, the launch of the ETF will expand the range of regulated cryptocurrency investment options for Australian investors.
According to Monochrome, IETH will serve as a dual access fund for investorsThis means that investors will be able to enjoy both cash and physical subscription and redemption through this product.
Jeff Yew, CEO of Monochrome Asset Management, highlighted some of the key factors driving the popularity of IETH. Yew explained the benefits of the product’s physical subscription model, noting that it provides investors with the privilege of investing using fiat currencies or other popular digital assets.
It is worth noting that the launch of IETH will follow Monochrome’s spot Bitcoin ETF (IBTC) launched in June this year.
Comparison of Spot ETF Trends in Australia and the United States
Monochrome’s launch of the ETH ETF comes as similar products in the U.S. are struggling. Yew noted that Australia’s regulatory approach to cryptocurrencies is “less restrictive” than that of the U.S. and other countries.
The CEO noted that ETFs are a great alternative in the Australian market, allowing even first-time investors to participate in a fully regulated product.
He acknowledged that the market is flooded with crypto products and there are dozens of Exchanges that offer cryptocurrency-related investmentsHowever, recent industry trends suggest that ETFs have become a major focus.
Based on its regulatory clarity, Australia has become a reliable and crypto-friendly hub for many projects and entities.
Mr. Yao said:The trajectory of ETF development in Australia has been very different from the rest of the world.”
Monochrome’s Bitcoin ETF IBTC is the first ETF approved in Australia under the Australian Financial Services License (AFSL) in 2021. According to Monochrome’s website, as of September 4, IBTC’s assets were valued at approximately A$11.4 million ($7.6 million).
Meanwhile, VanEck’s Australia-based Bitcoin ETF (VBTC) has performed impressively since its launch on July 13 this year. VBTC offers investors the opportunity to invest in VanEck’s Bitcoin Trust. So far, VBTC has accumulated more than 40 million Australian dollars, equivalent to 26 million US dollars.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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