Originally published on: October 15, 2024
Monochrome Asset Management made waves in Australia by launching the country’s first exchange-traded fund (ETF) that directly holds Ether. The Monochrome Ethereum ETF (IETH) hit the market on Oct. 15 on the Sydney-based equities exchange Cboe Australia, boasting an impressive $176,600 in assets under management by 2:00 pm local time.
With a management fee of 0.50%, the Monochrome IETH offers in-kind applications and redemptions, allowing transactions in either cash or Ether at a value of $2,575.46. Notably, it stands out as the only dual-access spot Ether ETF available in Australia.
BitGo and Gemini serve as the crypto custodians for the ETF, with State Street Australia stepping in as the fund administrator. Following the successful launch of the Monochrome Bitcoin ETF (IBTC) in June, accumulating nearly $10.7 million, Monochrome Asset Management sets a high standard in the Australian ETF market.
CEO Jeff Yew shared with Cointelegraph that the shift from crypto exchanges to structured ETFs like the Monochrome offerings signifies a significant growth opportunity. He emphasized the potential for spot crypto ETFs to excel in the Australian market, given its unique trajectory in the ETF landscape.
VanEck introduced Australia’s first spot Bitcoin ETF in June, accumulating around $35 million in net assets to date. Comparatively, the United States remains a powerhouse for crypto ETFs, boasting 11 spot Bitcoin funds with a combined $19.3 billion in assets under management this year.
As the ETF market continues to see robust inflows, including a notable $556 million influx on Oct. 14, Australian investors are positioning themselves to capitalize on the growing opportunities within the crypto space. With Monochrome Asset Management leading the charge, Australia is poised for a bright future in the world of digital assets.
