The Monochrome Ethereum ETF (IETH), will debut at 10:00 local time. The ether fund created by Australian crypto investment firm, Monochrome, comes after the launch of its spot bitcoin ETF in August. As of October 10, the bitcoin ETF fund held 165 bitcoin (BTC) worth just over $10 million.

Similar to the spot crypto ETFs in Hong Kong, IETH will allow both cash and in-kind applications and redemptions for investors, meaning that investors can buy into and cash out of the fund with ether.

As of October 10, Hong Kong’s spot bitcoin and ether ETFs hold net assets of $262.97 million and $35.07 million, respectively. By contrast, U.S.-listed ETFs held bitcoin worth $58.66 billion ether worth $6.74 billion, according to SoSoValue.

Several countries have approved listings of spot crypto ETFs after the launch of the funds in the U.S. in January, though all have been significantly smaller in scale than their U.S. counterparts. Last week, South Korea’s news1 also reported that the country’s Financial Services Commission would consider allowing crypto ETFs.

CORRECTION (October 15, 2024, 2:50 UTC): Corrects details to note that the ETF is the first spot ether ETF to be launched by Monochrome in Australia.

Australia ether ETF Ether

Callan Quinn

Callan Quinn is a Hong Kong-based news reporter at CoinDesk. She previously covered the crypto industry for The Block and DL News, writing about crypto fraud in Asia, regulation and web3 culture, as well as testing out new projects like China's CBDC. Callan has worked as a reporter in the U.K., China, the Republic of Georgia and Somaliland. She holds more than $1,000 of ETH.