Brazil Gets First BTC ETF in South America
2 min readBrazil’s Securities and Exchange Commission (CVM) has approved a BTC ETF launched by QR Capital.
Brazil’s first BTC ETF will be listed on the Sao Paulo stock exchange under the ticker QBTC11.
The primary offering will be for $500 million and will only be available to qualified investors. It will be accessible to retail investors once listed on the stock exchange in June this year.
Fernando Carvalho, president of QR Capital, said, “Until now, the investor only bought in unregulated markets, with ETFs, access will be more democratized.”
Other BTC ETF Developments
On March 20, the world’s first BTC ETF, Purpose, crossed an overall AUM of $ 1 billion. This is just over a month after launching on Feb. 18. Purpose Investments is based in Canada.
Canada now has two other BTC ETFs, Evolve and CI Galaxy, which launched on March 1. Canada has taken the lead with the exchange-traded cryptocurrency funds, with the United States SEC taking a backseat on this despite multiple applications for approval. These funds are traded on the Toronto Stock Exchange.
Canada even has an ETH ETF in the works with CI Global’s filing. This is touted to be the world’s first ETH fund of this type.
In the U.S., VanEck’s BTC ETF application was acknowledged by the SEC. A countdown has begun by the investors for this highly awaited moment. Even WisdomTree has filed its fund with SEC on March 12. This is in addition to Valkyrie Fund who made their filing public on Jan. 24
The American continent is the only one that’s getting into the ETF craze. In a regional first, a BTC ETF has launched in Malaysia.
There are also rumors of Greyscale launching an ETF due to the nature of job postings they have recently made. This is despite them running the Greyscale BTC Trust Fund, which is quite similar to an ETF.
Martin Gaspar, a research analyst at CrossTower, said, “We expect these instruments to replace Grayscale as key drivers of the BTC price going forward.” Whether Gaspar is correct or not remains to be seen. Nonetheless, the ETF space is an interesting one to follow for BTC enthusiasts due to its wide-scale market implications.
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