The very first bitcoin exchange-traded fund (ETF) to receive approval in Latin America is reportedly set to go live in Brazil this summer.
QR Capital, the parent company of Brazilian blockchain asset management company QR Asset Management, today announced the ETF launch and indicated that the product would be listed on the Brazilian stock exchange B3. According to a translated report from CNN Brasil, it should be listed in June and will be referenced in the Chicago Mercantile Exchange (CME) futures’ bitcoin index.
QR Asset Management received a guarantee from the Brazilian Securities and Exchange Commission to launch its bitcoin ETF on B3, the report said. “The primary offer of the assets, estimated at approximately 500 million [real], is intended for qualified investors. “
The announcement comes as more institutional investors have plunged into bitcoin and have regularly allocated their treasury reserves to BTC for fear that US dollar inflation will erode their stocks. This, coupled with a sustained rise in price, growing adoption by mainstream retailers, and more Bitcoin functionality being built, all combine to reduce bitcoin as an asset – a trend that is clearly driving the growth of bitcoin ETFs.
North America saw its first regulator-approved ETF launch in Canada last month, breaking prompt records in its first week. Meanwhile, multiple companies are trying to launch a bitcoin ETF for the U.S. With this latest announcement from Brazil adding to the ongoing momentum, it looks like a US-approved bitcoin ETF is imminent.