Monochrome Asset Management launched Australia’s first exchange-traded fund (ETF) that directly holds Ether, with assets under management reaching $176,600.&nbsp;
On Oct. 15, the Monochrome Ethereum ETF (IETH) went live on the Sydney-based equities exchange Cboe Australia with total net assets reaching $176,600 (262,500 Australian dollars) by 2:00 pm local time, <a data-ct-non-breakable="null" href="https://www.cboe.com/au/equities/products/funds/fund/IETH/" rel="noopener noreferrer nofollow" target="null" text="null" title="https://www.cboe.com/au/equities/products/funds/fund/IETH/">according</a> to Cboe Australia.
The fund has a management fee of 0.50% and offers in-kind applications and redemptions — allowing transactions in either cash or Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>), and is the only dual-access spot Ether ETF in Australia.
BitGo and Gemini are the crypto custodians for the ETF and State Street Australia is the the fund administrator.
<figure><img alt="Australia, Ethereum ETF" src="https://s3.cointelegraph.com/uploads/2024-10/01928e38-6909-7d4f-a3ba-8c383d12a18a" title="">
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 Monochrome IETH announcement. Source: <a data-ct-non-breakable="null" href="https://x.com/MonochromeAsset/status/1845960982201520584" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/MonochromeAsset/status/1845960982201520584">Monochrome</a>
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IETH’s launch <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/australia-first-spot-bitcoin-etf-monochrome" rel="noopener noreferrer nofollow" target="null" text="null" title="null">follows the June launch</a> of the firm’s Monochrome Bitcoin ETF (IBTC) which has amassed almost $10.7 million (16 million Australian dollars), <a data-ct-non-breakable="null" href="https://www.monochrome.au/products/monochrome-bitcoin-etf" rel="noopener noreferrer nofollow" target="null" text="null" title="null">according</a> to the company.
CEO of Monochrome Asset Management, Jeff Yew, told Cointelegraph last month <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/monochrome-confident-files-first-eth-etf-australia" rel="noopener noreferrer nofollow" target="null" text="null" title="null">that the biggest growth</a> for the firm’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/types-of-bitcoin-etfs" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin ETF</a> was clients moving crypto from exchanges into the fund.
“Now more and more crypto that had been previously held on exchanges is now being funneled into a regular structure like an ETF,” he said at the time.&nbsp;
Yew was confident that spot crypto ETFs would perform well in the Australian market because it is “on a very different trajectory with ETFs [...] with a bigger pie to carve out,” he said.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/australia-crypto-firms-financial-service-license" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/australia-crypto-firms-financial-service-license">Australia to require crypto firms to hold financial services licenses</a>
Australia’s first spot Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) ETF was launched by <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/australia-securities-exchange-asx-vaneck-spot-bitcoin-exchange-traded-fund" rel="noopener noreferrer nofollow" target="null" text="null" title="null">VanEck in June</a> and currently has total net assets of about $35 million (52 million Australian dollars.)
The United States is the global leader for crypto ETFs, with 11 spot Bitcoin funds trading in the country amassing $19.3 billion in assets under management cumulatively so far this year.
Oct. 14 is shaping up to be a bumper day for inflows into the ETFs with the funds seeing a joint net inflow of $556 million, <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">according</a> to preliminary data from Farside Investors.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/10-crypto-theories-that-missed-as-badly-as-peter-todd-is-satoshi/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’</a>

Australia’s first ETF directly holding Ether goes live

Cointelegraph

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