Australia’s first Ether ETF reaches $176K in assets on launch day

Monochrome Asset Management has introduced Australia’s first exchange-traded fund (ETF) directly holding Ether (CRYPTO:ETH), with assets under management reaching $176,600 on its debut. 

The Monochrome Ethereum ETF (IETH) went live on the Cboe Australia exchange on October 15. 

By 2:00 pm local time, the fund had accumulated 262,500 Australian dollars in total net assets. 

The ETF carries a 0.50% management fee and offers dual-access transactions, allowing investors to trade either in cash or Ether. 

This launch follows Monochrome’s June release of its Bitcoin ETF (IBTC), which has grown to around $10.7 million in assets. 

According to Monochrome’s CEO, Jeff Yew, more clients are transferring their crypto holdings from exchanges into regulated products like ETFs, a trend he expects to continue. 

The ETF is supported by BitGo and Gemini as crypto custodians, and State Street Australia handles fund administration. 

Yew expressed optimism about the Australian ETF market, stating that it presents significant growth potential. 

The launch of the Monochrome Ethereum ETF mirrors the growth of crypto ETFs globally, with Australia following the U.S. market, where 11 spot Bitcoin ETFs have accumulated $19.3 billion in assets this year. 

As investors increasingly turn to regulated structures like ETFs, the crypto market continues to see growing institutional interest. 

According to preliminary data from Farside Investors, inflows into crypto ETFs have surged, with a joint net inflow of $556 million expected on October 14. 

At the time of writing, the Ethereum price was $2,612.88.