Asset Management Firm Monochrome Submits Application for Ethereum ETF Listing on Cboe Australia

Monochrome Asset Management has filed an application to list its new Ethereum exchange-traded fund (ETF) on Cboe Australia.

In a press release issued on Thursday, the firm indicated that it expects a decision by the end of the month.

The proposed Ethereum ETF from Monochrome, which will trade under the ticker IETH, aims to provide retail investors with a regulated means to gain exposure to Ethereum (ETH), the second-largest cryptocurrency globally by market capitalization.

IETH to Become Addition to Australia’s Crypto ETFs

If granted approval, the IETH fund will represent a significant addition to Australia’s growing selection of regulated crypto investment products.

This fund will follow Monochrome’s previous launch of the Monochrome Bitcoin ETF (IBTC), which was the first in Australia to directly hold Bitcoin.

The IBTC fund has attracted considerable attention, with Bitcoin holdings valued at around $11.3 million as of September 4, based on an update from Monochrome’s website.

Monochrome has submitted an application to quote the Monochrome Ethereum ETF under the ticker $IETH on Cboe Australia, providing retail investors regulated access to Ethereum.
Quotation expected by the end of this September.
Read morehttps://t.co/p2jlkeYDQx

— Monochrome (@MonochromeAsset) September 5, 2024

The IETH fund is structured to offer dual-access for investors, permitting transactions in both cash and in-kind.

This adaptability is intended to facilitate various methods for investors to enter the fund.

Monochrome has also confirmed that, once approved, IETH will be accessible through major Australian brokerage platforms, enhancing its availability to retail investors nationwide.

As Monochrome awaits the result of its application, crypto funds worldwide continue to encounter difficulties.

In the U.S., spot Bitcoin ETFs have experienced six consecutive days of net outflows, with $37.29 million exiting the products on Wednesday.

Grayscale’s GBTC, the second-largest spot Bitcoin ETF, saw the most significant outflows at $34.25 million, while Fidelity’s FBTC and VanEck’s HODL also reported notable withdrawals.

U.S. Ethereum ETFs have similarly faced outflows.

The Grayscale Ethereum Trust (ETHE) recorded net outflows of $40.63 million on Wednesday, while the Grayscale Ethereum Mini Trust (ETH) noted inflows of $3.12 million.

Trading volume across the nine Ethereum ETFs fell to $145.86 million, down from $163.5 million the day before.

Australia’s Crypto Market Sees Continued Growth

The cryptocurrency market in Australia has experienced substantial growth in recent years regarding ownership and adoption.

Reportedly, the crypto ownership rate in Australia stands at 17%, surpassing the global average of 15%.

It is important to highlight that cryptocurrency has been under increasing scrutiny in Australia.

In May of last year, cryptocurrency exchange Binance Australia informed customers that they would lose access to Australian dollar deposits and withdrawals due to a decision made by its third-party service provider.

In July, officials from the Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia’s offices.

It is important to highlight that cryptocurrency has been under increasing scrutiny in Australia.

In May of last year, cryptocurrency exchange Binance Australia informed customers that they would lose access to Australian dollar deposits and withdrawals due to a decision made by its third-party service provider.

In July, officials from the Australian Securities and Investments Commission (ASIC) conducted searches at Binance Australia’s offices.

In October, the Australian government also introduced a proposal aimed at subjecting digital asset platforms to the same regulations that govern other financial services providers.

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