Australian asset manager Monochrome Asset Management is optimistic about the prospects of its new spot, the Ether exchange-traded fund (ETF), and the first in the country to hold Ether directly. On September 5, the firm revealed that it had submitted a listing application for the Monochrome Ether ETF (IETH) on Cboe Australia, with plans to launch it before the end of the month.

Jeff Yew, the CEO of Monochrome Asset Management, believes that the ETF will be famous among investors. He also focuses on the ETF’s in-kind subscription process, under which investors can subscribe to the ETF with fiat money or other cryptocurrencies. As Yew pointed out, this flexibility could be attractive to any investor.

He said their Bitcoin ETF has been performing well, with many investors transferring their Bitcoin from exchanges to the ETF. By September 5, Monochrome’s Bitcoin ETF has received more than $7.6 million (AUD 11.4 million). Nonetheless, this is relatively minor compared to US-listed Bitcoin ETFs and some domestic peers. However, Yew is optimistic about the opportunities in the Australian market.

Yew Highlights Australia’s Advantage in Regulated Crypto Products

Regarding the level of regulation, Yew thinks that Australia is much better than the rest of the world, which is why it is ideal for fully regulated crypto investment products. He also notes that many crypto assets that were previously stored on the exchanges are starting to be moved into regulated products such as ETFs.

By comparison, the VanEck Bitcoin ETF (VBTC), which started trading on July 13, has more than $26 million (AUD 40 million) in assets. The Global X 21Shares Bitcoin ETF, a physically settled Bitcoin ETF, has more than $65 million (AUD 98 million) in assets. In the United States, BlackRock’s iShares Bitcoin Trust (IBIT) is on the top with more than $20 billion in flows, whereas Fidelity’s Wise Origin Bitcoin Fund (FBTC) holds nearly $10 billion.

The Monochrome Bitcoin ETF was launched in June and is the first Australian ETF to receive approval under the 2021 Australian Financial Services License (AFSL) for spot cryptocurrency ETFs.

The post Monochrome Files for First Spot Ether ETF in Australia appeared first on Live Bitcoin News.