Latin America’s first bitcoin-traded fund (ETF) was approved in Brazil, the region’s largest economy.
Bitcoin ETF was launched by QR Asset Management and is expected to be listed on Brazil’s main stock exchange, B3, according to a Friday announcement of QR Capital, the asset manager’s holding. The date of the listing has not yet been released, but Reuters said on Friday that the listing will take place “in June”.
The ETF, bearing the QBTC11 symbol, was approved by the CVM, the Brazilian Securities and Exchange Commission, said QR Capital.
QBTC11 is the fourth bitcoin ETF to receive approval in the Western Hemisphere after three Canadian bitcoin ETFs have been launched in recent weeks – Purpose Bitcoin ETF, Evolve Bitcoin ETF and CI Galaxy Bitcoin ETF.
QR Capital said that the approval of QBTC11 could accelerate the approval of a bitcoin ETF in the United States because the CVM and SEC are affiliated members of the International Organization of Securities Commissions.
In fact, recent developments suggest that a bitcoin ETF may finally get approval from regulators in the U.S. this year, as The Block reported last week.
There are currently four ETF bitcoin applications pending review by the SEC – each from WisdomTree Investments, VanEck Associates Corp., NYDIG Asset Management and Valkyrie Digital Assets.
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