As a seasoned investor with roots deeply entrenched in the dynamic world of cryptocurrencies, I find myself intrigued by the recent move made by Monochrome Asset Management to introduce an Ether exchange-traded fund (ETF) in Australia. Having navigated through the complexities and unpredictability that characterizes this space, I am optimistic about the potential of this new venture.
Australian investment firm Monochrome Asset Management is upbeat about the potential of its innovative product, the first-ever Ether exchange-traded fund (ETF) in Australia. On September 5, the company announced that they had submitted an application for listing their Ether ETF, named Monochrome Ether ETF (IETH), on Cboe Australia. Their goal is to launch it before the end of the month.
Jeff Yew, who serves as CEO of Monochrome Asset Management, predicts that the Exchange-Traded Fund (ETF) will gain popularity among investors. He emphasizes the ETF’s unique in-kind subscription process, which allows investors to subscribe using fiat currency or other cryptocurrencies. According to Yew, this versatility could make the ETF appealing to a wide range of investors.
He said their Bitcoin ETF has been performing well, with many investors transferring their Bitcoin from exchanges to the ETF. By September 5, Monochrome’s Bitcoin ETF has received more than $7.6 million (AUD 11.4 million). Nonetheless, this is relatively minor compared to US-listed Bitcoin ETFs and some domestic peers. However, Yew is optimistic about the opportunities in the Australian market.
Yew Highlights Australia’s Advantage in Regulated Crypto Products
As far as regulatory standards go, Yew believes Australia outshines most other countries, making it an excellent choice for fully regulated cryptocurrency investment products. Additionally, he points out that a growing number of crypto assets are being transferred from exchanges into regulated products like Exchange-Traded Funds (ETFs).
By comparison, the VanEck Bitcoin ETF (VBTC), which started trading on July 13, has more than $26 million (AUD 40 million) in assets. The Global X 21Shares Bitcoin ETF, a physically settled Bitcoin ETF, has more than $65 million (AUD 98 million) in assets. In the United States, BlackRock’s iShares Bitcoin Trust (IBIT) is on the top with more than $20 billion in flows, whereas Fidelity’s Wise Origin Bitcoin Fund (FBTC) holds nearly $10 billion.
The Monochrome Bitcoin ETF was introduced in June, marking it as the initial Australian ETF that has been authorized under the 2021 Australian Financial Services License (AFSL), enabling it to operate with cryptocurrencies directly.
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2024-09-07 15:37