The first exchange traded fund (ETF) to receive regulatory approval in Latin America is expected to be active in Brazil this summer.
QR Capital, the father of the Brazilian blockchain asset management company QR Asset Management, announced the launch of the ETF today and indicated that the product will be listed on the Brazilian stock exchange B3. According to a translated report from CNN Brasil, it should be listed by June and will be mentioned in the bitcoin index of futures contracts on the Chicago Mercantile Exchange (CME).
“QR Asset Management has received a guarantee from the Brazilian Securities and Exchange Commission for the launch of the bitcoin ETF at B3,” according to the report. “The main asset offer, estimated at about 500 million [real], will be for qualified investors. ”
The announcement comes as more institutional investors have poured into bitcoin, frequently allocating their treasury reserve assets to BTC for fear that US dollar inflation will erode their stocks. This, coupled with an ongoing price race, the growing adoption of growing retail and more Bitcoin functionality under construction, combines to mock bitcoin as an asset – a trend that clearly propels the rise of bitcoin ETFs.
North America saw its first regulatory-approved ETF launch in Canada last month, which promptly broke records in the first week. Meanwhile, several companies are trying to launch a bitcoin ETF for the US. With this latest announcement from Brazil, which adds to the ongoing momentum, it seems that a US-approved bitcoin ETF is imminent.