The Monochrome Ethereum ETF went live on October 15 on the Cboe Australia exchange.
This is exciting news for investors who want to dive into the crypto market without having to buy Ether directly. Let’s discover more about this important news about Ether ETF.
New Fund Offers Direct Access to Ether for Investors
The Monochrome Ethereum ETF, also known as IETH, started with total assets reaching $176,600, which is about 262,500 Australian dollars, by 2:00 PM local time. This fund charges a management fee of 0.50%, which is how much investors pay to have their money managed. It allows investors to buy or sell shares using either cash or Ether, making it flexible for different types of investors. Plus, it’s the only ETF in Australia that gives investors dual access to Ether.
The team behind this new ETF, Monochrome Asset Management, had previously launched a spot Bitcoin ETF in June, called IBTC. This fund has done well, collecting almost $10.7 million, or 16 million Australian dollars.
Introducing the Monochrome Ethereum ETF (Ticker: IETH).
IETH is Australia’s first ETF that provides direct access to Ethereum with an in-kind subscription and redemption facility.$IETH begins trading today, under the ticker ‘IETH’.
Full announcement https://t.co/dv0Ggiltc3 pic.twitter.com/NAbZ6yoKaO
— Monochrome (@MonochromeAsset) October 14, 2024
Jeff Yew, the CEO of Monochrome Asset Management, believes that the demand for spot crypto ETFs will only grow in Australia. He mentioned that more people are moving their crypto from exchanges into funds like ETFs. This is like taking your toys out of a messy playroom and putting them neatly on a shelf! By doing this, investors feel more secure about their assets.
More About IETH
Yew pointed out that the Australian market is different from others and has a lot of potential for ETFs. He sees it as having “a bigger pie to carve out,” meaning there’s plenty of room for growth in this area.
BitGo and Gemini, two trusted names in cryptocurrency, are the custodians of the Monochrome Ethereum ETF. This means they help keep the Ether safe and secure. State Street Australia is also involved as the fund administrator, ensuring everything runs smoothly.
Today, we welcome $IETH to market.
The Monochrome Ethereum ETF is Australia’s first ETF to hold ETH directly.
Like IBTC, IETH features an in-kind subscription and redemption facility, enabling investors to transfer their ETH in/out of IETH.
More info: https://t.co/7P4BC95R4C pic.twitter.com/Ef6BOR1ppg
— Jeff Yew (@jeffyew_) October 14, 2024
For many investors, ETFs are an easier way to enter the crypto world. They can buy shares in the fund, just like buying stocks, without needing to worry about storing ETH themselves. This could help more people get their feet wet in cryptocurrency, making it a more familiar and accessible investment.
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This articles is written by : Fady Askharoun Samy Askharoun
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