Australia Launches Its First Ethereum (ETH) ETF

Australia’s Monochrome Asset Management has introduced the first inaugural ETF that directly holds Ethereum, a significant advancement for the country’s cryptocurrency sector.

Launched on October 15, the Monochrome Ethereum ETF (IETH) is listed on Cboe Australia and reported total assets of approximately AUD 262,500 (USD 176,600) by mid-afternoon.

This ETF features a management fee of 0.50% and allows investors to transact in cash or Ethereum through its in-kind application and redemption process.

Notably, IETH is the only dual-access spot Ethereum ETF in the nation, with custody provided by BitGo and Gemini, while State Street Australia oversees fund administration.

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Following the June introduction of the Monochrome Bitcoin ETF (IBTC), which has attracted close to AUD 16 million (USD 10.7 million), CEO Jeff Yew remarked on the increasing trend of clients transferring assets from exchanges into regulated investment structures like ETFs.

He expressed optimism regarding the potential of spot crypto ETFs in Australia’s evolving market.

Previously, VanEck launched the first spot Bitcoin ETF in Australia in June, which currently holds about AUD 52 million (USD 35 million) in assets.

Alexander Stefanov