The Brazilian Securities and Exchange Commission (CVM) has given the green light to the first Bitcoin exchange-traded fund in Latin America.
QR Capital's Bitcoin ETF will trade under the ticker symbol QBTC11 on the Sao Paulo-based B3 trillion-dollar stock exchange.
You will use the Bitcoin CME CF benchmark rate, the highly esteemed cryptocurrency benchmark, to determine your net asset value (NAV) on a daily basis.
World's First Bitcoin ETF Surpasses $ 1 Billion
To underscore the importance of the CVM decision, QR Capital mentions that this is only the fourth Bitcoin ETF in the world.
Brazil became the second country to approve a Bitcoin-linked ETF after three of them launched in Canada earlier this year. Subsequently, B3 is also the second largest stock exchange in the world to offer access to this product.
The first purpose Bitcoin ETF of its kind, which made its explosive debut in February, has already surpassed CA $ 1 billion in AUM.
Time is ticking in the United States
Bitcoin has yet to get a share of the $ 5 trillion ETF market in the States. Earlier this year, VanEck, NYDIG and WisdomTree Investments submitted their proposals to the US SEC.
Earlier this week, the regulator officially recognized VanEck's filing which can now be found at the Federal Register. The SEC is now expected to issue its initial decision in early May after the comment period that will last until April 9.
SEC Commissioner Hester Pierce express recently his frustration at his colleagues' refusal to approve a Bitcoin ETF:
We have gotten into a small hole. Many people are looking for a way to access this asset class.