ustralian asset manager Monochrome Asset Management announced an application on September 5, 2024, to list the Monochrome Ether exchange-traded fund, IETH, on Cboe Australia. This would make it the country's first spot Ether ETF, permitting investors to invest directly in Ether.
The Confidence and Growth of Monochrome
Jeff Yew, CEO of Monochrome Asset Management, was "confident of a positive outcome" from the IETH application. He noted that its Bitcoin ETF, launched in June this year, is still at a growth stage.
Indeed, that growth has come partly because of its in-kind subscription model, which allows investors to subscribe to the product using fiat or other digital assets.
Yew said Australia has been less restrictive on crypto versus other countries, which is a big step for the market. He perceives that such an ETF would "unplug a stopgap" where investors have been seeking a regulated product to invest in crypto.
Comparison to Other ETFs
The Bitcoin ETF by Monochrome has attracted over $7.4 million in investment since its inception in June, well below US-listed spot Bitcoin ETFs and a few of its competitors here in Australia.
Yew argued that Australia would have a "bigger pie to carve out" for the same ETFs given the unique market dynamics.
This indeed is a great milestone for crypto in Australia. And, of course, with their confidence in a positive outcome, plus the increased crypto adoption in the country, this may mean success for the IETH ETF.
When it launches, the ETF will finally give investors a regulated and, more importantly, accessible way to invest in Ether, further cementing Australia's position as one of the leading markets for crypto investments.
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