BTC adoption: Brazil becomes first country in South America to get a bitcoin ETF
The Brazilian Securities and Exchange Commission (CVM) has approved a bitcoin ETF launched by QR Capital.
Brazil’s first bitcoin ETF will be listed on the Sao Paulo Stock Exchange under the ticker QBTC11.
The initial offering will be $500 million and will be open only to qualified investors. After the listing in June this year, Bitcoin Loophole will also be available to retail investors.
Fernando Carvalho, President of QR Capital, commented:
“Until now, investors could only buy in unregulated markets, with ETFs, access will be democratised.”
Other bitcoin ETF developments
On 20 March, the world’s first bitcoin ETF, Purpose, surpassed $1 billion in AUM. This comes just over a month after its launch on 18 February. Purpose Investments is based in Canada.
Canada now has two other bitcoin ETFs, Evolve and CI Galaxy, which launched on 1 March. Canada has taken the lead in exchange-traded cryptocurrency funds, with the US Securities and Exchange Commission (SEC) backing down despite several applications for approval. These funds are traded on the Toronto Stock Exchange.
Canada even has an Ethereum ETF (to buy Ethereum guide) in the works with CI Global filing. This is said to be the world’s first Ethereum fund of its kind.
In the US, VanEck’s Bitcoin ETF filing has been recognised by the SEC. The countdown to this highly anticipated moment by investors has begun.
WisdomTree also filed its fund with the SEC on 12 March. This is in addition to Valkyrie Fund, which released its filing on 24 January.
The Americas is the only one to get in on the ETF craze. Regionally, a bitcoin ETF also premiered in Malaysia.
There are also rumours that Grayscale will launch an ETF – due to the nature of the job postings they have made recently. This is despite the fact that they run the Greyscale Bitcoin Trust Fund, which is quite similar to an ETF.
Martin Gaspar, a research analyst at CrossTower, explains:
“We expect these instruments to replace Grayscale as the main driver of the BTC price in the future.”
Whether Gaspar is correct remains to be seen. Nonetheless, the ETF space is interesting to follow for Bitcoin enthusiasts because of its far-reaching market implications.