First South American Bitcoin ETF approved in Brazil

First South American Bitcoin ETF approved in Brazil


2021-03-22 02:27:09

The Brazilian Securities and Exchange Commission (CVM) has approved the Bitcoin ETF launched by the investment fund QR Capital. Brazil’s first Bitcoin ETF will be listed on the Sao Paulo exchange under the code QBTC11.

The initial offering is worth $ 500 million and will be available to eligible investors only. Investment funds can reach retail investors after being listed on the exchange in June this year. Fernando Carvalho, chairman of QR Capital, said that with Bitcoin ETFs, access to Bitcoin will be more democratized.

Bitcoin ETF development is actively expanding. In February 2021, the Americas region recorded the first Bitcoin ETF that was approved in Canada. This launch reached $ 421.8 million in just 2 days.

Not only that, on March 20, the world’s first Bitcoin ETF, Purpose, surpassed the AUM total of $ 1 billion. This is just over a month after its February 18 launch. Purpose Investments is based in Canada. Canada currently has two other Bitcoin ETFs, Evolve and CI Galaxy, that launch on March 1. Canada is currently leading the way with exchange cryptocurrency exchange funds.

Aside from the fact that America is now the flagship Bitcoin ETF, the wave is spreading to other continents, typically Southeast Asia’s first Bitcoin fund to launch in Malaysia recently. However, most importantly, we are still waiting for the approval from the “big brother” of the United States.

With efforts from large investment institutions such as VanEck, Valkyrie Digital Assets or Bitwise, the possibility of a Bitcoin ETF being approved by the SEC in 2021 – the landscape will change.

Besides, Gary Gensler – the new SEC chairman recently appointed under President Joe Biden, who has a very positive view, sees cryptocurrencies as a “catalyst” for innovation, will be hope Full future market promotion with his deep insights.

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