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Nasdaq and Brazilian fund manager to supply first BTC ETF


The Bermuda Stock Exchange (BSX) will now have the world’s first Bitcoin ETF (Exchange Traded Fund) available to investors

BSX made an official statement on September 18, announcing that Bitcoin ETF will be referred to as Hashdex Nasdaq Crypto Index ETF. The statement also revealed that there will be 3 million Class E shares issued for trading on the platform.

The ETF is a joint project between Nasdaq and the regulated Brazilian fund manager, Hashdex. The Brazilian fund manager currently holds assets worth around $ 46.4 million in different funds, holding crypto assets and three other funds. The company’s custodians of crypto assets are Xapo, Vo1t, Trust and Kingdom.

At the time of writing, the exact date on which the fund will be traded is not yet known, but local media Infomoney reported that it will probably be released later this year.

The report also added that Hashdex decided to partner with BSX due to the country’s crypto friendly jurisdiction. The ETF specifications have not yet been made public at this time. Hashdex, however, said the methodology and other relevant details surrounding the product will be announced by Nasdaq on the product’s launch date.

The crypto index will give companies and other traders access to the cryptocurrency market through a traditional investment platform. The index will provide exposure, without necessarily having Bitcoin, thus eliminating custody concerns.

In response to The globe, a local newspaper in Brazil, Marcelo Sampaio (CEO of Hashdex) said that the fund would take institutional investment in crypto space to a higher level.

Just this week, former Goldman Sachs executive and fund manager, Raoul Pal, spoke about the upcoming launch of a Bitcoin ETF in the United States: “I will give you the greatest avant-garde opportunity of your life: they will get an ETF. So there will be billions of dollars being distributed in this project. Every pension plan will allocate some money for this. Each family office will allocate some money for this. And the more the price goes up, the more they will allocate.

In the past, the SEC has disapproved of several proposals from the Bitcoin ETF, including those from Wilshire Phoenix and the Winklevoss twins.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.