-- #Australia will launch a spot ether ETF following the launch of a spot #BitcoinETFđ°đ°đ° in August.
-- The ETF allows in-kind and cash redemptions.
Monochrome will launch Australia's first ether ($ETH
) based #exchange traded fund (ETF) on Tuesday.
The Monochrome Ethereum ETF (IETH) will debut at 10:00 a.m. local time. The ether fund, created by Australian crypto firm Monochrome, comes after the launch of its spot #Bitcoinâ ETF in August. As of Oct. 10, the Bitcoin -ETF fund held 165 Bitcoin ($BTC
) worth just over $10 million.
Similar to spot Crypto ETFs in Hong Kong , IETH will allow investors to apply for and redeem assets in both cash and in-kind, meaning investors will be able to invest in and withdraw from the fund using ether.
As of Oct. 10, the Hong Kong spot Bitcoin and ether ETFs had net assets of $262.97 million and $35.07 million, respectively. In contrast, U.S. ETFs had Bitcoin worth $58.66 billion and ethers worth $6.74 billion, according to SoSoValue .
Several countries have approved spot Crypto ETF listings since the funds launched in the U.S. in January, though all have been significantly smaller in scale than their U.S. counterparts. South Korea's news1 also reported last week that the country's Financial Services Commission will consider authorizing Crypto ETFs.
