Australia could soon have its first direct Ether ETF, according to the latest crypto news.
According to the latest crypto news, Monochrome Asset Management, an Australian asset manager, is optimistic about securing a “positive outcome.” It has recently filed for the country’s first spot Ether exchange-traded fund (ETF) that holds the asset directly.
In a September 5 announcement, the company revealed it had submitted an application to list the Monochrome Ether ETF (IETH) on Cboe Australia, with plans to have it trading by the end of the month.
Jeff Yew, CEO of Monochrome, highlighted that the unique features of the Ether ETF could spark significant interest from investors. In particular:
We are starting to see an interesting pattern with our Bitcoin ETF; people are moving their custody points from crypto exchanges into the ETF; that’s actually where we are seeing the biggest growth from.”.
As of September 5, Monochrome’s Bitcoin ETF has over $7.6 million (AU $11.4 million) in assets, though this lags behind U.S.-listed Bitcoin ETFs and other Australian competitors.
Since its June launch, Monochrome’s Bitcoin ETF has attracted $7.4 million, a solid start but trailing behind Australia’s VanEck Bitcoin ETF (VBTC), which launched on July 13 and now holds over $26 million (AU $40 million).
The Global X 21Shares Bitcoin ETF leads the Australian market with $65 million (AU $98 million) in assets under management. In comparison, U.S. Bitcoin ETFs dominate globally, with BlackRock’s iShares Bitcoin Trust (IBIT) bringing in over $20 billion in inflows. Fidelity’s Wise Origin Bitcoin Fund (FBTC) has attracted nearly $10 billion, while ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF Trust (BITB) have each garnered about $2 billion.
Monochrome’s Bitcoin ETF made history as the first in Australia to be approved under the 2021 Australian Financial Services License (AFSL) for a spot crypto ETF.
Yew further noted that Australia’s less restrictive regulatory environment has enabled ETFs to provide a fully regulated alternative for investors, allowing the market to grow by transitioning funds from crypto exchanges into more traditional investment structures like ETFs.
