Monochrome Ether ETF (IETH) to Debut as Australia’s First Spot Ether Fund

Monochrome Ether ETF Set to Launch in Australia on Tuesday

On Tuesday, Monochrome will introduce the first spot ether ETF in Australia. At 10:00 local time, the Monochrome Ethereum ETF (IETH) will debut. The Australian cryptocurrency investing company Monochrome launched its spot bitcoin ETF in August, followed by the creation of its ether fund. The Bitcoin ETF fund had 165 Bitcoin (BTC) valued at slightly more than $10 million as of October 10.

Monochrome’s IETH Offers Ether and Cash Transactions, Following Hong Kong’s Spot Crypto ETF Model

Investors can use ether to buy into and cash out of IETH, much like they can with Hong Kong’s spot crypto ETFs. IETH will also enable cash and in-kind applications and redemptions. The net assets of Hong Kong’s spot bitcoin and ether ETFs are $262.97 million and $35.07 million, respectively, as of October 10. In contrast, SoSoValue reports that U.S.-listed ETFs held $6.74 billion in Ether and $58.66 billion in bitcoin.

Although they are all far smaller in scope than their U.S. counterparts, several nations have authorized listings of spot crypto ETFs following the introduction of the funds in the United States in January. In fact, the Financial Services Commission of South Korea is considering permitting cryptocurrency exchange-traded funds (ETFs), according to a story published by News1 last week.

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