Asset Manager Monochrome Applies to List Ethereum ETF on Cboe Australia

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

In a Thursday press release, the company said it anticipates a decision before the end of the month.

Monochrome’s proposed Ethereum ETF, which would trade under the ticker IETH, is designed to give retail investors a regulated avenue to gain exposure to Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization.

IETH to Become Addition to Australia’s Crypto ETFs

If approved, the IETH fund will become a key addition to Australia’s expanding range of regulated crypto investment products.

It will follow Monochrome’s earlier launch of the Monochrome Bitcoin ETF (IBTC), the first in Australia to hold Bitcoin directly.

The IBTC fund has garnered significant attention, with Bitcoin holdings valued at approximately $11.3 million as of September 4, according to an update on Monochrome’s website.

Monochrome has lodged an application to quote the Monochrome Ethereum ETF under the ticker $IETH on Cboe Australia, offering retail investors regulated access to Ethereum.

Quotation expected by the end of this September.

Read more🔗https://t.co/p2jlkeYDQx

— Monochrome (@MonochromeAsset) September 5, 2024

The IETH fund is designed to provide dual-access for investors, allowing transactions in both cash and in-kind.

This flexibility is aimed at making it easier for investors to buy into the fund using different methods.

Monochrome has also confirmed that, upon approval, IETH will be available through major Australian brokerage platforms, increasing its accessibility to retail investors across the country.

As Monochrome awaits the outcome of its application, crypto funds globally continue to face challenges.

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

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

U.S. Ethereum ETFs have similarly experienced outflows.

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

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

Australia’s Crypto Market Sees Continued Growth

The crypto market in Australia has seen significant growth over the past few years in terms of ownership and adoption.

As reported, the crypto ownership rate in Australia is 17%, which is higher than the global average of 15%.

It is worth noting that crypto has been under increasing scrutiny in Australia.

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

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

It is worth noting that crypto has been under increasing scrutiny in Australia.

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

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

In October, the Australian government also unveiled a proposal intended to subject digital asset platforms to the same laws that govern other financial services providers.