According to reports, the first bitcoin-traded fund (ETF) to receive regulatory approval in Latin America is expected to operate in Brazil this summer.
QR Capital, the parent company of the Brazilian blockchain asset management company QR Asset Management, has announced the launch of the ETF today and indicated that the product would be listed on the Brazilian stock exchange B3. According to a report translated by CNN Brazil, it should be listed in June and will refer to the bitcoin index of Chicago Mercantile Exchange (CME) futures contracts.
“QR Asset Management received a guarantee from the Brazilian Securities and Exchange Commission to launch its bitcoin ETF at B3,” according to the report. “The main supply of assets, estimated at about 500 million [real], will be for qualified investors “.
The announcement comes as more institutional investors have been pouring bitcoins, often allocating their treasury reserve assets to BTC for fear that US dollar inflation is eroding their stocks. All of this, coupled with an ongoing price trend, increasing retail adoption, and increased functionality of Bitcoin, combine to derive bitcoin as an asset, a trend that clearly drives the growth of bitcoin ETFs.
North America saw its first regulatory-approved ETF launch in Canada last month, which quickly broke records the first week. Meanwhile, several companies are trying to launch a bitcoin ETF in the United States With this latest announcement from Brazil adding to the ongoing momentum, it seems that a US-approved bitcoin ETF is imminent.