As a seasoned researcher who has closely observed the evolution of the digital asset market, I find the launch of Monochrome’s Ethereum ETF (IETH) on Cboe Australia particularly intriguing. With my extensive experience in tracking global financial trends and understanding the nuances of various markets, it is evident that this move is a strategic response to the success of their Bitcoin ETF (IBTC).
Australia is getting involved in the worldwide Exchange Traded Fund (ETF) craze related to stocks like Ethereum, thanks to Monochrome’s Ethereum ETF (IETH). Notably, this announcement comes two months after Monochrome introduced its Bitcoin ETF (IBTC), which has seen a total investment of US$10.1 million since August last year.
The significant achievement of the product largely motivated the company’s expansion into the U.S. market for Spot Exchange-Traded Funds (ETFs).
Following the approval of Bitcoin Spot ETFs by the U.S. Securities and Exchange Commission (SEC), they were given the go-ahead to develop an Ether ETF as well. This move opens up possibilities for increased institutional involvement in the market.
Despite a rocky start with Ether ETFs after their debut, the Monochrome team remains undeterred and is still eager to present the same product in Australia.
Monochrome’s latest offering promises lower tax obligations through an in-kind redemption method. They anticipate that this added feature will generate buzz within the industry and stimulate interest, leading to increased demand.
Monochrome to launch first Ethereum ETF on Cboe Australia
The Australian digital asset company, Monochrome, is all set to debut the nation’s initial Spot Ethereum Exchange-Traded Fund (IETH), with trading commencing on Monday at Cboe Australia, as reported by Decrypt. Prior to this, Monochrome had already introduced…
— CoinNess Global (@CoinnessGL) October 14, 2024
Monochrome’s Ethereum ETF Starts Trading On October 14th
Starting from October 14th (Monday), traders and institutional investors should anticipate the opportunity to purchase and deal with this fund. This financial instrument will be available for transaction at Cboe Australia, a marketplace that allows participants to trade various types of assets and goods.
As per Jeff Yew, the CEO of Monochrome, their Ether ETF sets itself apart from its U.S. counterpart. It’s the first global Ether ETF that allows in-kind Ether redemption and subscriptions. Yew elaborates that this innovative product from Monochrome offers improved tax efficiency to investors, which could potentially increase demand.
What Can You Expect From The Monochrome Ethereum ETF?
This innovative product comes packed with beneficial tools designed specifically for neighborhood merchants and financiers. The Ethereum ETF by Monochrome operates as a dual-purpose investment vehicle, allowing investors to choose between cash withdrawals or receiving the underlying assets directly.
This fund’s distinctive setup enables an investor to move Ether directly into the ETF without altering the underlying ownership rights. In simpler terms, investors can invest in ETH without incurring extra costs that often accompany changes in ownership structure. Additionally, each investor has sole access to their allocated Ether within the fund.
Monochrome Ethereum ETF To Compete Against US Funds
Starting this week, Monochrome’s Ethereum ETF enters the competitive market alongside US cryptocurrency and ETF funds. Interested investors and traders can gain access to this fund via well-known Australian brokerage platforms, while also making transactions using decentralized wallets, cold storage systems, and popular crypto platforms. This ETF carries a management fee of 0.5%, which drops to 0.21% for accredited advisers.
In simpler terms, Monochrome’s interest rates are similar to those found in the United States, ranging between 0.20% and 0.25%. To enhance their services, Monochrome collaborates with key figures in the cryptocurrency industry such as Gemini and BitGO for secure crypto storage solutions.
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2024-10-14 17:12