Monochrome Asset Management has applied to list its new Ethereum ETF on the Cboe Australia exchange . In a Thursday press release, the company said it expects a decision before the end of the month.
Monochrome’s proposed Ethereum ETF, which will be listed under the symbol IETH, aims to provide retail investors with a regulated route to gain exposure to Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization.
IETH will become an add-on to Australian cryptocurrency ETFs
If approved, the IETH fund will become a key addition to Australia’s growing range of regulated cryptocurrency investment products. It will follow an earlier introduction by the Monochrome Bitcoin ETF (IBTC), the first in Australia to directly incorporate bitcoin.
The IBTC fund has attracted significant attention, with assets in Bitcoin totaling about $11.3 million as of Sept. 4, according to an update on Monochrome’s website.
The IETH fund is designed to provide investors with dual access, allowing both cash and in-kind transactions. This flexibility is intended to make it easier for investors to purchase the fund through various methods.
Monochrome also confirmed that once approved, the IETH will be available through major Australian brokerage platforms, making it more accessible to retail investors across the country.
While awaiting the outcome of its Monochrome application, cryptocurrency funds around the world continue to face challenges. In the United States, bitcoin ETFs have seen six consecutive days of net outflows, with $37.29 million flowing out of the products on Wednesday .
Grayscale ‘s GBTC , the second-largest Bitcoin ETF, saw the largest outflows at $34.25 million, while Fidelity ‘s FBTC and VanEck ‘s HODL also saw significant withdrawals.
The Grayscale Ethereum Trust (ETHE) saw net outflows of $40.63 million on Wednesday , while the Grayscale Ethereum Mini Trust (ETH) saw inflows of $3.12 million. Trading volume in the nine Ethereum ETFs fell to $145.86 million, compared to $163.5 million the previous day.
Australia’s cryptocurrency market sees continued growth
The cryptocurrency market in Australia has seen significant growth over the past few years in terms of ownership and adoption. As reported, the ownership rate of cryptocurrencies in Australia is 17%, which is higher than the global average of 15%. It is worth noting that cryptocurrencies are under increasing scrutiny in Australia.
Last May, cryptocurrency exchange Binance Australia informed customers that they would lose access to Australian dollar deposits and withdrawals due to a decision by its third-party service provider.
In July, officials from the Australian Securities and Investments Commission (ASIC) even conducted searches at Binance Australia’s offices. In October, the Australian government also introduced a proposal to subject digital asset platforms to the same regulations that govern other financial service providers.
