The Brazilian Securities and Exchange Commission (CVM) has endorsed two crypto ETFs earlier this week, one focused 100% on Bitcoin, while the other made up of five cryptos, along with Bitcoin (BTC).
For QR Asset Management, administrator of the Bitcoin-only ETF, the asset could expedite the roll out of a comparable product offering in the US as the CVM along with the Securities and Exchange Commission (SEC) are portion of the International Organization of Securities Commission (IOSCO).
The aforementioned ETFs will get listed on the Brazil’s Stock Exchange (B3). As per Brazil Journal, two of the top banks in Brazil (Itaú and BTG Pactual) have begun to provide Hashdex’s ETF to their clients.
The QR ETF will start trading on the B3 under the ticker QBTC11, while the one from Hashdex will be listed under the ticker HASH11. The trading of ETF HASH11 is anticipated to begin sometime in March. Likewise, the trading of QBTC11 ETF is expected to start in the second-quarter of this year.
In case of QR ETF, the price of Bitcoin will be based on the traded price of Bitcoin futures in the Chicago Commodities Exchange. Fernando Carvalho, CEO of QR Capital, parent firm of QR Asset, views this initiative as a major landmark for advancement in the Brazilian capital market. Carvalho said
“Our ETF, to be traded with the QBTC11 ticker, is a milestone in the Brazilian market. The asset ends up acting as a double hedge, as it is a digital commodity and at the same time, it is traded in dollars on the world market. Its price is unrelated with other asset classes, which means that it is increasingly being adopted by large managers and investors within diversified portfolios.”
The ETF of Hashdex will be similar to the Nasdaq Crypto Index (NCI), which was created by Hashdex and Nasdaq. Back in September, approval was given to the Brazilian Hashdex by the regulator of Bermuda and along with Nasdaq, endorsed the first ever Bitcoin ETF, named the Hashdex Nasdaq Crypto Index ETF.
Aliás, por ser habilitado pela CVM, a aprovação do QBTC11 pode acelerar o lançamento de um produto similar nos Estados Unidos.
Isso ocorre pois a CVM, assim como a @SEC_News, é um membro filiado da International Organization of Securities Commissions (@IOSCOPress).
— QR Capital (@qrcapital) March 19, 2021
Apart from Brazil, the only nation to endorse its Bitcoin ETF is Canada. NCI comprises of six cryptos namely Bitcoin, Litecoin (LTC), Stellar (XLM), Ethereum (ETH), Bitcoin Cash (BCH) and Chainlink (LINK), with re-balancing done on a quarterly basis.
Aliás, por ser habilitado pela CVM, a aprovação do QBTC11 pode acelerar o lançamento de um produto similar nos Estados Unidos.
Isso ocorre pois a CVM, assim como a @SEC_News, é um membro filiado da International Organization of Securities Commissions (@IOSCOPress).
— QR Capital (@qrcapital) March 19, 2021
BitGo, Fidelity, Coinbase and Gemini will provide custodial service to Hashdex assets. All these firms are administered and regulated in the USA.
