Australia

Monochrome to launch Australia’s first spot Ether ETF

Published

3 hours ago

October 15, 2024

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Monochrome Asset Management is set to launch Australia’s first spot Ethereum exchange-traded fund on Tuesday.

The Ethereum (ETH) ETF will debut on the Cboe Australia, bringing the Monochrome Ethereum ETF with the ticker IETH to the market on Tuesday, Oct. 15.

IETH launches a few months after Monochrome unveiled its spot Bitcoin (BTC) ETF, which launched in August. The Monochrome Bitcoin ETF (IBTC) held about 167 Bitcoin, worth AUD 15 million.

Monochrome and its partner Vasco Trustees Limited filed an application for the listing of IETH on the Cboe Australia in early September, noting in an announcement that the spot Ethereum ETF would passively hold Ether.

That means the product would offer retail investors a regulated avenue to gain exposure to Ether, the world’s second-largest cryptocurrency by market capitalization, currently over $316 billion.

IETH is a dual-access fund, allowing for both cash and in-kind redemptions. For investors, this means the ability to buy and cash out of the ETF with the underlying asset, Ether. Meanwhile, State Street Australia will serve as the fund’s administrator. Digital assets custody provider BitGo and crypto exchange Gemini are the fund’s custody services providers.

The U.S. Securities and Exchange Commission approved the first spot crypto ETFs in the U.S. in January 2024, giving the nod to funds that include spot Bitcoin ETFs by BlackRock, Fidelity Investments, and Grayscale.

The SEC went on to approve spot Ethereum ETFs in May, with trading going live in July. Hong Kong and Australia are among several countries to greenlight spot crypto ETFs.

However, while the value of assets held in these funds in countries like Australia is small, the U.S. market has seen a notable rise in demand. Data from ETF tracking site SoSoValue shows the total net assets in U.S.-listed spot Bitcoin ETFs as of Oct. 11 was $58.66 billion. Ethereum had $6.74 billion.

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Australia

Australian Bitcoin ETF to Implement Proof of Reserves with Hoseki

Published

1 month ago

September 10, 2024

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Monochrome Asset Management announced its Monochrome Bitcoin ETF (IBTC) will implement proof-of-reserves verification through a new partnership with Hoseki. This makes IBTC the first Australian spot Bitcoin ETF to adopt such transparency measures.

Launched earlier this year, the Monochrome Bitcoin ETF has seen steady inflows totalling 134 Bitcoin worth over AUD 11 million. The fund is now collaborating with Hoseki to provide daily proof-of-reserves for its Bitcoin holdings.

Hoseki’s advanced verification process, Hoseki Verified, will enable Monochrome to deliver independently verified evidence that investor assets are fully accounted for. This ongoing auditing sets a higher standard for transparency in Australian Bitcoin ETFs.

“Proof of reserves is important for establishing full operational transparency of a Bitcoin ETF,” said Jeff Yew, CEO at Monochrome Asset Management. “Our partnership with Hoseki highlights our commitment to setting the highest standards for integrity and reliability in Bitcoin ETFs, setting a precedent for the industry.”

According to Monochrome, the Hoseki integration also aligns with its unique capability for direct Bitcoin applications and redemptions, ensuring privacy while maintaining transparency.

As a leading Bitcoin verification provider, Hoseki will conduct real-time validation that IBTC’s Bitcoin reserves match its stated holdings. This provides clear proof of assets to investors. The initiative may prompt broader adoption of rigorous verification measures across the Bitcoin ETF landscape.

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ASX

Australian Spot Bitcoin ETF Keeps on Buying

Published

2 months ago

August 31, 2024

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Australia’s two spot Bitcoin ETFs—the VanEck Bitcoin ETF and Monochrome’s IBTC—have steadily accumulated Bitcoin holdings since launching earlier this year. The sustained inflows highlight growing Bitcoin demand in the region.

The VanEck Bitcoin ETF debuted on the Australian Securities Exchange (ASX) on June 20th after receiving regulatory approval. It has attracted $40.72 million in assets under management (AUM).

Meanwhile, the Monochrome Bitcoin ETF (IBTC) began trading on the smaller CBOE Australia exchange on June 4th. Despite its lower AUM, IBTC continues to see small but steady inflows.

As of August 28th, IBTC holds around 123 Bitcoin worth $7.4 million. The fund has continually purchased BTC on dips, regardless of price action or sentiment.

Monochrome Bitcoin ETF (Ticker: $IBTC) AUM as of 28/08/24 pic.twitter.com/04IoMLQEWa
— Monochrome (@MonochromeAsset) August 29, 2024

This contrasts with U.S. spot Bitcoin ETFs, which have faced outflows amid Bitcoin’s failure to convincingly break $60,000. Prominent products from Ark Invest and Grayscale saw major withdrawals this week.

While assets under management remain low, the Australian ETFs are growing steadily. The sustained inflows point to rising interest in Bitcoin in the region. The increasing demand for regulated investment vehicles can boost mainstream acceptance. If growth continues, Australia’s spot Bitcoin ETFs could emerge as significant sources of BTC demand.

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Australia

Man Sentenced to Prison After Spending Most of $6,900,000+ Mistakenly Sent by Major Crypto Exchange: Report

Published

2 months ago

August 15, 2024

admin

A 39-year-old cryptocurrency enthusiast who splurged millions worth of erroneously transferred funds will reportedly spend three years in prison after pleading guilty in a court in Australia.

Local news site News.com.au reports that in 2021, Jatinder Singh tried to deposit around $65 into his Crypto.com portfolio using his then-partner Thevamanogari Manivel’s Commonwealth Bank account.

The transfer was rejected because the names did not match, but when Crypto.com refunded Singh, the exchange sent $6.91 million because a staff member mistakenly typed Manivel’s bank account number instead of the $65 in the refund spreadsheet.

Singh then went on a spending spree while Manivel transferred $2.64 million to her bank account in Malaysia.

Crypto.com discovered the mistake seven months later. Both the exchange and Commonwealth Bank contacted Manivel, who said she thought those were scam attempts.

Manivel was arrested at Melbourne airport in 2022 while attempting to board a flight to Malaysia with over $7,000 in cash. Singh, who was also arrested later in the same month, said he thought he won the money in an online competition.

Singh eventually told the court that he was aware that the money was not his. He was sentenced on theft charges for spending $4 million on property and luxury goods and gifting a friend $660,000.

On Tuesday, he was sent to jail for 361 days of pre-sentence detention. The period will be considered as time served and will be deducted from his sentence. He is eligible for parole after serving two years.

Manivel also pleaded guilty to recklessly dealing with the proceeds of crime in September 2023. She was given 209 days in time served sentence and placed on an 18-month community corrections order.

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