- Monochrome launches Australia’s first Ether spot ETF (IETH), debuting on Tuesday
- Investors can redeem the fund in cash or Ether, similar to Hong Kong’s spot crypto ETFs
- The launch follows the company’s successful Bitcoin ETF introduction in August
On Tuesday, Monochrome will launch Australia’s first ether (ETH) spot exchange-traded fund (ETF).
The Monochrome Ethereum ETF (IETH) will debut at 10:00 AM local time. The ether fund, created by the Australian crypto investment company Monochrome, comes after the launch of its spot Bitcoin ETF in August.
The Australian ETH ETF
So, what makes the new ether fund special? Well, much like Hong Kong’s spot crypto ETFs, IETH will allow investors to make both cash and in-kind applications and redemptions.
That means you can buy into the fund and cash out directly with ether — a major advantage for those who prefer dealing in crypto.
Now, how does this compare on a global scale? As of October 10, Hong Kong’s spot Bitcoin and ether ETFs were holding $262.97 million and $35.07 million in net assets, respectively.
In contrast, the U.S. ETFs are way ahead, with Bitcoin holdings at $58.66 billion and ether at $6.74 billion, according to data from SoSoValue.
Conclusion
Several countries have approved the listing of spot crypto ETFs after the launch of the funds in the United States in January, although all have been significantly smaller in scale compared to their U.S. counterparts.
Last week, South Korean news outlet 1 also reported that the country’s Financial Services Commission was considering allowing crypto ETFs.
