- Australian asset manager Monochrome has lodged an application for its newest product – an Ethereum ETF.
- The fund, named IETH, is set to support cash and in-kind redemptions for investors.
- IETH, if approved, is targeting a September launch on the Aussie exchange Cboe Australia.
Though the crypto market has hit September in a bit of a lull, institutional involvement in the sector continues to bubble away in the background. Aussie spot Bitcoin ETFs hit the nation’s biggest stock exchange – the ASX – in July, and investors have steadily accumulated BTC holdings through the past quarter.
Looking to leverage the growing success of spot Bitcoin ETFs Down Under, Monochrome Asset Management announced yesterday it is expanding into the Ethereum spot fund market.
Related: Survey Shows Aussie Investors Shun Real Estate, Flock to Crypto as Ownership Exceeds Global Rates
Monochrome Ether ETF Follows Success of Australia’s First Spot Bitcoin ETF with Direct Holdings
The spot Ether fund will launch on the tailwind of the SEC’s approval of the asset class in the United States, which has seen a slew of big-name institutions throwing their hats into the ring.
Monochrome Asset Management is already a well-known player in the digital currency sector, having released its spot Bitcoin ETF (IBTC) – which it called “Australia’s first…direct holding Bitcoin ETF.”
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