365Crypto
Australian asset manager Monochrome Asset Management is optimistic about launching the country’s first spot Ether exchange-traded fund (ETF), expecting strong investor interest. The firm has filed for its Monochrome Ether ETF (IETH) on Cboe Australia, aiming for a listing by the end of the month.
CEO Jeff Yew believes the in-kind subscription model, which lets investors use fiat or digital assets, will drive the ETF’s success. He noted that Monochrome’s Bitcoin ETF has seen significant growth as investors move assets from crypto exchanges to the ETF for more secure, regulated exposure. As of September 5, Monochrome’s Bitcoin ETF holds over $7.6 million (AU$11.4 million) in investments.
Yew pointed out that Australia’s regulatory environment has been less restrictive on crypto, allowing ETFs to provide a fully regulated investment product. He observed that many crypto investors are now shifting their assets from exchanges into regulated structures like ETFs.
Other Australian ETFs, such as the VanEck Bitcoin ETF and Global X 21Shares Bitcoin ETF, have seen more substantial inflows, with holdings of $26 million and $65 million (AU$40 million and AU$98 million), respectively. In comparison, major U.S. Bitcoin ETFs, like BlackRock’s iShares Bitcoin Trust, have attracted over $20 billion in inflows.
Monochrome’s Bitcoin ETF, launched in June, was the first in Australia to gain approval under the country’s 2021 financial services regulations for spot crypto ETFs.
