- Australia will launch a spot ether ETF following the launch of a spot Bitcoin ETF in August.
- The ETF will allow in-kind and cash redemptions.
As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen many groundbreaking developments that have reshaped the investment landscape. The upcoming launch of Australia’s first spot Ether ETF by Monochrome is yet another milestone in this digital revolution.Monochrome will launch Australia’s first spot ether (ETH) exchange-traded fund (ETF) on Tuesday.
At precisely 10:00 local time, I’ll be witnessing the debut of the Monochrome Ethereum ETF (IETH). This ether-focused fund is a creation of the Australian crypto investment firm, Monochrome, following their successful launch of a spot bitcoin ETF in August. By October 10th, their bitcoin ETF had amassed approximately 165 bitcoins (BTC), valued at more than $10 million.
In a manner similar to Ethereum-based Exchange Traded Funds (ETFs) available in Hong Kong, IETH offers both cash and in-kind options for investors. This means that investors can purchase shares or redeem them using Ether.
On October 10th, the combined net assets of Hong Kong’s Bitcoin and Ethereum ETFs were approximately $262.97 million for Bitcoin and $35.07 million for Ethereum. In comparison, U.S.-listed ETFs held Bitcoin worth about $58.66 billion and Ethereum worth around $6.74 billion, as reported by SoSoValue.
Multiple nations have given the green light to crypto ETF listings following the initial launch of these funds in the U.S. in January. However, it’s important to note that all these international versions are much smaller than their American counterparts. Recently, news1 from South Korea announced that the Financial Services Commission is contemplating allowing crypto ETFs within their country as well.
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2024-10-14 10:17