Will ETH Price Hit $4500 As Monochrome Plan To Launch Ethereum ETF?
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Monochrome has officially applied to list a new Ethereum ETF on Cboe Australia, which could enhance the country’s crypto landscape. Named IETH, this proposed exchange-traded fund seeks to provide retail investors with a regulated pathway to invest in Ethereum, the second-largest crypto by market capitalization. Monochrome Files for Ethereum ETF Listing in Australia In a recent submission, Monochrome Asset Management has filed an application with Cboe Australia to launch an Ethereum ETF, which will be listed under the ticker IETH. This initiative, pursued in partnership with Vasco Trustees Limited, aims to provide Australian investors with a formalized vehicle for engaging with Ethereum. The fund plans to track Ethereum directly, mirroring its market movements and providing a straightforward option for investor participation. Additionally, the IETH ETF represents an essential expansion in the suite of regulated investment products focusing on cryptocurrencies within Australia. This offering follows the successful launch of Monochrome Bitcoin ETF, which has gathered traction since its debut. In June, Monochrome Bitcoin ETF was added to the Commonwealth Bank of Australia’s expanded ETF lineup, highlighting its growing acceptance. Regulatory Framework and Investor Access Monochrome Ethereum ETF will function under a dual-access model, permitting cash and in-kind transactions. This design is intended to simplify the process for investors to engage with the fund. Upon approval, the IETH fund will be accessible through major Australian brokerage platforms, widening its reach across retail investors. The accessibility will promote the adoption and integration of crypto investment strategies within traditional portfolios. ETH Price Market Impact and Future Outlook The introduction of the IETH Ethereum ETF comes at a pivotal time when global interest in crypto funds are fluctuating. While the U.S. market has seen some caution with spot Bitcoin and Ethereum ETFs experiencing outflows, Australia’s regulatory environment may offer a more stable foundation for growth.…
Filed under: News - @ September 5, 2024 11:21 am