Australia Set to Welcome Its First Ether ETF as Monochrome Files Application  

• Monochrome Asset Management applied for Australia’s first Ether ETF, expecting approval by the month’s end.
• The Ether ETF will be traded on Cboe Australia under the ticker IETH and hold Ether directly.
• CEO Jeff Yew anticipates high demand, highlighting Australia’s favorable crypto regulatory environment. 

Monochrome Asset Management has applied for Australia’s first Ether ETF, set to launch on Cboe Australia by the end of the month. The Australian-based asset management firm hopes to replicate its success with its Bitcoin ETF, which has gained traction since its introduction in June.

Ether ETF Application Submitted

On September 5, Monochrome Asset Management submitted its application to the Australian Securities and Investments Commission (ASIC) to launch an Ether ETF. The proposed Ether ETF (ticker: IETH) will trade on Cboe Australia and hold Ether assets directly. The firm aims to have it approved by month’s end, bringing a new level of regulated crypto investment to the Australian market.

CEO Expects Positive Outcome

Monochrome’s CEO, Jeff Yew, expressed optimism about the ETF’s approval. He noted that Australia’s regulatory environment is more conducive to crypto than other markets, and the firm expects strong demand from institutional and retail investors. Yew believes that the ETF’s in-kind subscription model, allowing investments in fiat or other digital assets, will draw substantial interest.

Yew emphasized that Australia’s crypto sector is seeing increasing participation from investors who were previously using crypto exchanges. He stated that Monochrome’s ETFs provide a regulated alternative for holding digital assets securely. As more investors transfer their assets from exchanges to regulated products, Monochrome expects its Ether ETF to perform well once approved.

Steady Growth of Bitcoin ETF

Monochrome’s Bitcoin ETF, IBTC, was one of the first Bitcoin ETFs approved in Australia, launched in June. By early September, IBTC had garnered investments worth approximately AUD 11.4 million (USD 8 million). According to Yew, the Bitcoin ETF has attracted individuals moving assets from exchanges into the regulated space, contributing to its steady growth. 

While the Bitcoin ETF’s performance remains solid, its success in Australia is still smaller compared to the top Bitcoin ETFs in the United States. However, the firm remains confident that both the Bitcoin and Ether ETFs will continue to attract growing investor interest.