Australian asset manager Monochrome Asset Management has lodged an application for Australia's first ETF to directly hold Ether. The listing is expected by the end of the month.
Listing Application
In a September 5 announcement, Monochrome stated that it has filed for the listing of the Monochrome Ether ETF (IETH) on Cboe Australia. The company hopes to have the fund listed by the end of the month.
Expectations and Outlook
Speaking to Cointelegraph, Jeff Yew, CEO of Monochrome Asset Management, said he expects strong interest in the new fund. Key factors for success include the in-kind subscription model, allowing investors to choose between fiat and digital assets. As of September 5, Monochrome's Bitcoin ETF has attracted over $7.6 million, according to the company's update.
Crypto Fund Market in Australia
Yew also mentioned that Australia has been less restrictive on crypto compared to other countries, providing more opportunities for investors. Other ETFs in Australia are also performing well. For instance, the VanEck Bitcoin ETF (VBTC) has assets of over $26 million, while the Global X 21 shares Bitcoin ETF has over $65 million. Yew believes that Australia is on a unique trajectory in the ETF market.
The Australian crypto ETF market continues to grow, offering investors new opportunities to diversify their portfolios. Monochrome aims to be at the forefront of this movement with their new Ether ETF.
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