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Australian asset manager Monochrome seeks approval for Ethereum ETF

GrafaGrafa2024/09/05 06:55
By:Liezl Gambe

Monochrome Asset Management, in partnership with Vasco Trustees Limited, has submitted an application to list a new Ethereum (CRYPTO:ETH) exchange-traded fund (ETF) on Cboe Australia.  

The firm expects a decision on the application by the end of this month, as announced in a recent press release.  

The proposed Monochrome Ethereum ETF, to be listed under the ticker IETH, is designed to passively hold Ethereum (ETH) and offer Australian retail investors a regulated way to invest in the world’s second-largest cryptocurrency by market capitalization.  

If approved, the new ETF would expand the range of regulated crypto investment options available in Australia.  

The IETH fund will provide dual access for investors, allowing both cash and in-kind transactions.  

This feature is intended to attract a broad range of investors by offering more flexibility in how they can invest in the ETF.  

Monochrome expects that the IETH will be available on major brokerage platforms, pending regulatory approval.  

This initiative follows the successful launch of Monochrome’s first crypto product, the Monochrome Bitcoin ETF (IBTC), which is recognized as Australia’s first ETF that holds Bitcoin (CRYPTO:BTC) directly.  

As of September 4, the IBTC fund had Bitcoin holdings valued at approximately $11.3 million, according to the latest update on its website.  

By adding the Ethereum ETF to its offerings, Monochrome aims to cater to growing interest among Australian investors in cryptocurrency assets.  

The move is seen as a step toward broadening the accessibility of regulated crypto products in the market.  

Monochrome's plans reflect a growing demand for diverse investment vehicles in the digital asset space, as more investors look for regulated ways to gain exposure to cryptocurrencies like Ethereum.  

If successful, the approval of IETH would mark another milestone in Australia's evolving landscape for crypto investments.

At the time of reporting, the Ethereum (ETH) price was $2,405.52.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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