As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed the evolution of investment products from their inception to their current forms. The launch of Australia’s first Ether-backed ETF by Monochrome Asset Management is an exciting development that signals the maturity and acceptance of digital assets within mainstream finance.
Monochrome Asset Management recently introduced an innovative exchange-traded fund (ETF) in Australia, specifically designed to hold Ether. The value of assets managed by this fund currently stands at approximately $176,600.
On October 15th, the Ethereum ETF known as Monochrome Ethereum (IETH) began trading on the Australian equities exchange, Cboe Australia. By 2 PM local time, its total assets amounted to approximately AUD 262,500 (or USD 176,600). This information was provided by Cboe Australia.
This investment fund charges a management fee of 0.50%, provides both in-cash and in-Ether (ETH) application and redemption options, making it unique as the sole dual-access spot Ethereum ETF available in Australia.
In simpler terms, BitGo and Gemini are responsible for safeguarding the cryptocurrencies within the ETF, while State Street Australia manages the day-to-day administrative tasks of the fund.
After the launch of their Monochrome Bitcoin ETF (IBTC) in June, IETH is now being introduced. The ETF has gathered approximately $10.7 million or 16 million Australian dollars, as reported by the company.
As a crypto investor, I recently learned from Jeff Yew, CEO of Monochrome Asset Management, that our Bitcoin ETF has seen its greatest expansion due to clients transferring their cryptocurrency holdings from exchanges into our fund last month, as he shared with CryptoMoon.
Increasingly, cryptocurrencies once stored on exchanges are now moving towards a conventional format, such as a Exchange-Traded Fund (ETF),” he stated earlier.
Yew was confident that spot crypto ETFs would perform well in the Australian market because it is “on a very different trajectory with ETFs […] with a bigger pie to carve out,” he said.
In June, the first Bitcoin Exchange-Traded Fund (ETF) in Australia was introduced by VanEck. At present, its total net assets are approximately 52 million Australian dollars, equivalent to about 35 million US dollars.
This year, the United States leads the world in Crypto Exchange-Traded Funds (ETFs), boasting a total of 11 Bitcoin Spot Funds actively traded within its borders. Collectively, these funds have managed an impressive $19.3 billion in assets under management.
14th October appears to be a significant day for investments in Exchange-Traded Funds (ETFs), as they collectively received approximately $556 million in new investments, based on initial data provided by Farside Investors.
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2024-10-15 07:08