Australia is set to launch its first spot ether exchange-traded fund (ETF) tomorrow, following the successful launch of a spot Bitcoin ETF in August. The Monochrome Ethereum ETF (IETH) will be launched by Australian crypto investment firm, Monochrome, at 10:00 local time.
This new ETF will allow investors to make both cash and in-kind applications and redemptions, giving them the flexibility to buy and sell the fund with ether. As of October 10, the spot bitcoin and ether ETFs in Hong Kong have net assets of $262.97 million and $35.07 million, respectively. In comparison, U.S.-listed ETFs hold bitcoin worth $58.66 billion and ether worth $6.74 billion.
Since the launch of spot crypto ETFs in the U.S. in January, several countries have approved listings of similar funds, albeit on a smaller scale. Just last week, South Korea’s Financial Services Commission hinted at considering allowing crypto ETFs as well.
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Overall, the launch of Australia’s first ether ETF marks a significant milestone in the country’s crypto investment landscape. With the increasing popularity of cryptocurrencies like ether and bitcoin, ETFs provide investors with more avenues to participate in this growing market. As more countries explore the possibility of listing spot crypto ETFs, the global crypto investment space is expected to continue expanding.