Key Takeaways
- Australia’s first ETH ETF has hit roughly $183,000 in net assets on day one of trading.
- Monochrome’s Bitcoin ETF has approximately $10 million in net assets.
- The VanEck Bitcoin ETF on the ASX exchange has over $30 million in net assets.
Australia has just launched its first spot Ethereum (ETH) exchange-traded fund (ETF) shortly after spot Bitcoin (BTC) funds were also approved and launched.
Ethereum ETF
The Monochrome Ethereum ETF (IETH) launched today, Oct. 15, 2024, on the Cboe Australia exchange, marking yet another milestone in the growing institutional adoption of cryptocurrencies.
The fund is “dual access,” a particularly interesting part of the offering that means investors can directly transfer ETH tokens from crypto exchanges, platforms, decentralized wallets, and cold wallets into the Ethereum ETF alongside fiat. BitGo and Gemini are serving as the funds’ crypto custodians.
It has a management fee of 0.5%, which is somewhere between its U.S. and Hong Kong counterparts. Investors also benefit from no transfer fees and zero capital gains tax implications for transfers.
Day 1 Performance
So far, the fund has drawn in just over AUD 272,900, or roughly $183,400. The first day of Australia’s IETH trading is somewhat muted compared to U.S. and Hong Kong markets.
But it’s worth noting that Australia’s ETH ETF didn’t launch as part of a long-anticipated cohort of major fund offerings.
All nine U.S. ETH funds launched simultaneously on July 23, drawing in a handsome $106.7 million on day one of trading. U.S. ETH ETFs hold $7.2 billion in net assets, 2.28% of ETH’s market cap.
There are just three ETH ETF providers in Hong Kong. Since launching on April 30, these funds have seen minimal flows and currently command $38.22 million in net assets, or 0.09% of ETH’s market cap, as of Oct. 15.
Australia Crypto ETFs
The appetite for spot crypto ETFs in Australia has been relatively high. As of Oct. 15, Monochrome’s spot Bitcoin ETF (IBTC) had drawn AUD 14.86 million, or approximately $10 million.
The VanEck Bitcoin ETF (VBTC), which trades on the Australian Securities Exchange (ASX), the largest trading desk in the country, has pulled AUD 46.29 million, $31.1 million, in net assets.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
