Monochrome Asset Management In Australia Files For The Countries First Spot Ether ETF

Australian asset manager Monochrome Asset Management has filed for the country’s first spot Ether ETF and is confident of a positive outcome.

Look out for $IETH .

Well done to the @MonochromeAsset ETF team. https://t.co/4xDkdD0wbN pic.twitter.com/7sbH7h2o9N

— Jeff Yew (@jeffyew_) September 5, 2024

The firm announced yesterday (September 5), that it has submitted an application for a Monochrome Ether exchange-traded fund (IETH) on Cboe Australia. Monochrome is hoping to have the ETF live by the end of September.

Monochrome’s CEO Is Hoping Positive Patterns With Its BTC Fund Translates Over To Its Ether ETF Offering

Monochrome’s CEO, Jeff Yew, in an interview with Cointelegraph, said he expects strong interest in the firm’s new offering. He notes a few key elements that can help to make an Ethereum ETF a success.

“We are starting to see an interesting pattern with our Bitcoin ETF ; people are moving their custody points from crypto exchanges into the ETF; that’s actually where we are seeing the biggest growth from”, Yew said.

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Jeff Yew Believes Australian Investors Have Been Waiting Eagerly For A Fully Regulated Crypto Product

He went on to add that Australia has been “less restrictive” on crypto compared to other countries, so ETFs are “unplugging a stopgap” for the Australian market to invest in a fully regulated product for the first time.

“Dozens and dozens of crypto exchanges have been offering services to retail investors and some professional investors for the better part of a decade, so there is already a lot of investment in crypto assets,” he said.

Another Australian ETF, the VanEck Bitcoin ETF (VBTC), launched earlier this Summer, on July 13 and provides exposure by investing in VanEck’s Bitcoin Trust. Its net holdings currently stand at over $26 million ($40 million Australian dollars).

BONUS: Crypto All-Stars (STARS) Smashes Past $1 Million Milestone During Presale

New meme coin staking protocol Crypto All-Stars (STARS) has reached the $1 million milestone in its presale phase. Crypto All-Stars is all the hype right now due to its “MemeVault” feature. MemeVault allows holders of all the popular meme coins to stake their holdings and earn rewards paid out in STARS tokens.

Crypto-Allstars removes the need to hold multiple meme coins across many different chains and wallets. The MemeVault is simplifying the process by offering a single location for you to stake your meme coins while earning STARS.

There are less then 24-hours remaining before the presale moves onto its next price-increase. You can secure your STARS bag now and begin staking instantly for a ridiculous 1437% in rewards.

STARS PRESALE LINK

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.