Bitcoin, Cryptocurrency, News & Updates

Latin America’s First Bitcoin ETF Approved by Brazil

The ETF can launch on the Sao Paulo stock exchange under the ticker QBTC 11 by June. The company executive understands this approval could “increase” the Bitcoin (BTC) ETF tension in the U.S.

Brazil’s Securities and Exchange Commission (S.E.C.) has allowed the first Bitcoin exchange-traded fund (ETF) of Latin America.

It was launched by Q.R. Asset Management, manager of the Q.R. Capital Group, the Bitcoin ETF, is expected to be listed on B3, the central stock exchange of the region’s largest economy. It is anticipated to be listed under the ticker symbol Q.B.T.C. 11 on the Sao Paulo stock exchange by June.

The ETF aims to offer qualified investors exposure to Bitcoin, which has seen the “highest appreciation of the decade” easily and securely.

The executives say the crypto asset can be an alternative for portfolio diversification for multimarket funds and has attracted interest from family offices and so-called professional investors.

QBTC11 has become the fourth Bitcoin ETF after the launch of three Bitcoin ETFs — Purpose Bitcoin ETF, Evolve Bitcoin ETF, and CI Galaxy Bitcoin ETF, in Canada in recent weeks.

This latest Bitcoin ETF approval, the company executives believe, could “speed up” the consent of one in the U.S. as well.

The S.E.C. commissioner, Hester Pierce, said this week in an interview that the agency has “dug ourselves into a little bit of a hole” by refusing to approve a bitcoin ETF.

As we reported, S.E.C. is officially on the clock on VanEck’s Bitcoin ETF, while Anthony Scaramucci’s SkyBridge has also filed for a Bitcoin ETF. Other applications pending the S.E.C.’s review are from WisdomTree Investments, VanEck Associates Corp., N.Y.D.I.G. Asset Management, and Valkyrie Digital Assets.

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