Monochrome Asset Management’s Ethereum ETF (IETH) is set to launch on Cboe Australia today (Tuesday October 15), after the company revealed last month that it was expecting citing approval to bring its latest crypto product to market.
In a statement confirming the launch, the company said IETH provides Australian investors with exposure to Ethereum through a direct-holding ETF structure.
The launch of the Monochrome Ethereum ETF expands the range of regulated investment options in crypto assets available to Australian investors.
IETH is the second Ethereum product on the market, with Global X’s 21Shares Ethereum ETF (Cboe: EETH) already listed on Cboe.
Monochrome launched its Bitcoin ETF (IBTC) on Cboe in June. Its price remained relatively stable, going from $10.32 in early June to $8.95 at the close on Friday.
According to a recent study by GlobalCryptocurrency ETFs continue to be the best performing ETFs over the past year, supported by a falling interest rate environment, higher investor risk appetite and strong flows into Bitcoin ETF.
In fact, the best performer among ETFs this year is the Global X 21Shares Bitcoin ETF, with gains exceeding 118%.
Bitcoin and its ETF counterparts have seen a surge in popularity in 2024 following the Securities and Exchange Commission’s (SEC) vote of confidence earlier this year. Although Ethereum ETFs have also received similar support from the SEC, they have yet to achieve the same momentum.
In July, when the Ethereum spot ETFs received final approval from the SEC, the occasion was hailed as a “remarkable milestone.” However, subsequent price drops suggest that this asset may have fallen out of favor.
On July 23, the day of the SEC approval, Ethereum was trading at around US$3,478, but it is now hovering around US$2,444.98.
He added that as we approach the end of 2024, the situation should improve, especially with expected rate cuts in the United States and the approach of the elections, which could bring more stability to the market.
