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TLDR Australia’s first spot Ethereum ETF launches on Tuesday Monochrome is launching the ETF, following their Bitcoin ETF in August The ETF will allow both cash and in-kind redemptions It will debut at 10:00 local time under the ticker IETH This follows a trend of spot crypto ETFs launching globally Monochrome, an Australian crypto investment firm, is set to launch the country’s first spot Ethereum exchange-traded fund (ETF) on Tuesday, October 15, 2024. This new investment vehicle, named the Monochrome Ethereum ETF (IETH), will debut at 10:00 local time, marking a significant milestone in Australia’s cryptocurrency investment landscape. This launch comes on the heels of Monochrome’s successful introduction of a spot Bitcoin ETF in August. As of October 10, the Bitcoin ETF held 165 Bitcoin, valued at just over $10 million. The new Ethereum ETF aims to provide investors with similar exposure to the second-largest cryptocurrency by market capitalization. One notable feature of the Monochrome Ethereum ETF is its flexibility in terms of investment and redemption. Like the spot crypto ETFs in Hong Kong, IETH will allow both cash and in-kind applications and redemptions. This means investors can buy into and cash out of the fund using either traditional currency or Ethereum itself, offering greater versatility for different types of investors. The introduction of this ETF in Australia follows a global trend of countries approving and launching spot cryptocurrency ETFs. This movement gained significant momentum after the United States approved its first spot Bitcoin ETFs in January 2024. Since then, several countries have followed suit, although the scale of these funds outside the U.S. has been notably smaller. For context, as of October 10, Hong Kong’s spot Bitcoin and Ethereum ETFs held net assets of $262.97 million and $35.07 million, respectively. In comparison, U.S.-listed ETFs held Bitcoin worth $58.66 billion…

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Filed under: News - @ October 14, 2024 8:24 am