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    Australia’s first ETF directly holding Ether goes live

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    Monochrome Asset Management has launched Australia’s first ETF holding Ether directly, garnering $176,600 in assets under management immediately. The Monochrome Ethereum ETF (IETH) was listed on Cboe Australia, offering dual-access spot Ether ETF flexibility for cash or Ether transactions. The firm’s Bitcoin ETF (IBTC), launched in June, has collected nearly $10.7m in net assets. The introduction of these ETFs comes as the US leads in crypto ETFs with 11 Bitcoin funds accruing $19.3bn under management in 2021.

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    Monochrome Asset Management has kicked off Australia’s first exchange-traded fund (ETF) that holds Ether directly. They achieved an impressive $176,600 in assets under management right away.

    The Monochrome Ethereum ETF (IETH) was released on the Sydney-based equities exchange Cboe Australia on Oct. 15. By 2:00 pm that day, they had reached a total net asset of $176,600 (or 262,500 Australian dollars), says Cboe Australia.

    This fund charges a management fee of 0.50% and is a unique dual-access spot Ether ETF in Australia. This flexibility allows for transactions either in cash or Ether (ETH).

    BitGo and Gemini are acting as the crypto custodians for the ETF, while State Street Australia is managing the fund.

    This IETH launch follows Monochrome’s June release of their Bitcoin ETF (IBTC), which has now done amazingly well, gathering nearly $10.7 million (or 16 million Australian dollars), says Monochrome.

    Monochrome CEO, Jeff Yew stated that a large part of the Bitcoin ETF’s growth came from clients moving their crypto from exchanges into the fund.

    He went on to explain that ETFs here are on a different path and he is confident they will be a hit in the Australian market.

    VanEck released Australia’s first Bitcoin ETF, and it now boasts net assets of about $35 million (or 52 million Australian dollars).

    To put it all in perspective, the U.S. is currently top dog for crypto ETFs with 11 Bitcoin funds that have accrued $19.3 billion in assets under management this year.

    And Oct. 14 was a great day for inflows into these ETFs with a combined total of $556 million bumped up according to Farside Investors.

    Source: Cointelegraph

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