Monochrome Seeks Ethereum ETF Listing on Cboe Australia

Monochrome Asset Management has applied to list its new Ethereum exchange-traded fund (ETF) on Cboe Australia.

The company stated in a press release on Thursday that it expects to decide by the end of the month.

Monochrome’s proposed Ethereum ETF, which would trade under the ticker IETH, is intended to provide retail investors with a regulated approach to acquiring exposure to Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization.

IETH to Be Added to Australia’s Crypto ETFs

The IETH fund will significantly add to Australia’s growing selection of regulated crypto investment products if approved.

It will succeed Monochrome’s previous introduction of the Monochrome Bitcoin ETF (IBTC), the first in Australia to possess Bitcoin directly.

According to an update on Monochrome’s website, the IBTC fund has attracted substantial attention, with Bitcoin holdings valued at approximately $11.3 million as of September 4.

The IETH fund is intended to offer investors dual access, enabling them to conduct transactions in both currency and in-kind.

This adaptability is intended to facilitate investing in the fund through various methods.

Monochrome has also confirmed that IETH will be accessible to retail investors nationwide once approved for use on leading Australian brokerage platforms.

Crypto funds worldwide continue to encounter obstacles as Monochrome awaits the results of its application.

Spot Bitcoin ETFs in the United States have experienced net outflows for six consecutive days, with $37.29 million flowing out of the products on Wednesday.

Grayscale’s GBTC, the second-largest spot Bitcoin ETF, experienced the most substantial disbursements at $34.25 million. VanEck’s HODL and Fidelity’s FBTC also experienced significant withdrawals.

Similarly, Ethereum ETFs in the United States have encountered outflows.

On Wednesday, the Grayscale Ethereum Mini Trust (ETH) reported inflows of $3.12 million, while the Grayscale Ethereum Trust (ETHE) recorded net outflows of $40.63 million.

The trading volume across the nine Ethereum ETFs decreased to $145.86 million from the $163.5 million recorded the previous day.

Australia’s Crypto Market Sees Continued Growth

Over the past few years, the Australian crypto market has experienced substantial growth in adoption and ownership.

Australia has a crypto ownership rate of 17%, higher than the global average of 15%, as previously reported.

It is essential to acknowledge that Australia has been increasingly monitoring cryptocurrency.

Due to a decision by its third-party service provider, Binance Australia informed its customers in May of last year that they could not make deposits or withdrawals in Australian dollars.

Officials from the Australian Securities and Investments Commission (ASIC) searched Binance Australia’s offices in July.

It is essential to acknowledge that Australia has been increasingly monitoring cryptocurrency.

Due to a decision by its third-party service provider, Binance Australia informed its customers in May of last year that they could not make deposits or withdrawals in Australian dollars.

Officials from the Australian Securities and Investments Commission (ASIC) searched Binance Australia’s offices in July.

In October, the Australian government also unveiled a proposal to subject digital asset platforms to the same laws that govern other financial services providers.