The Securities and Exchange Commission of Brazil (CVM) has greenlit the very first Bitcoin exchange-traded fund in Latin America.
QR Capital’s Bitcoin ETF will be trading under the QBTC11 ticker on the trillion-dollar B3 stock exchange based in Sao Paulo.
It will use the CME CF Bitcoin Reference Rate, the highly esteemed cryptocurrency benchmark, for determining its net asset value (NAV) on a daily basis.
A new wave of institutional interest in bitcoin
A new wave of institutional interest has fueled bitcoin recently and as institutional interest in cryptocurrencies grows other market players are also considering launching their own ETFs. Such is the case of Grayscale, which is seeking experts in exchange-traded funds, making it clear that it would soon seek approval from the United States Securities and Exchange Commission (SEC) to offer a more exclusive investment instrument.
However, until now the SEC is still evaluating the entry of these assets to its bag. Several are waiting for approval, one of them is Van Eck, whose application is still pending.
In other parts of the world like North America, various bitcoin ETFs have already been cleared by regulators. As Cryptoreportage reported, in Canada, the investment management company CI Global Asset Manager is the third firm to be listed on the Toronto Stock Exchange with these products.