Australia Set to Launch Its First Spot Ether ETF on Tuesday
Australia is preparing to launch its inaugural spot ether ETF, following the previous launch of a spot bitcoin ETF in August.
Australia is set to launch its first spot ether exchange-traded fund (ETF) on Tuesday following the successful introduction of a spot bitcoin ETF in August. The Monochrome Ethereum ETF (IETH) is scheduled to debut at 10:00 local time.
The new ether fund, managed by the Australian crypto investment firm Monochrome, will allow both cash and in-kind applications and redemptions, enabling investors to purchase and withdraw funds in ether.
As of October 10, Monochrome's spot bitcoin ETF held 165 bitcoin, valued at over $10 million. This ETF launch comes amidst a global trend of countries approving spot crypto ETFs, though many are significantly smaller than their U.S. counterparts.
Recent reports indicated that South Korea’s Financial Services Commission is also considering crypto ETF approvals.
