Brazil’s CVM Approves Latin America’s First-Ever Bitcoin ETF

This year has been a promising one for Bitcoin ETF approvals as yet another exchange-traded fund monitoring the success of the first-ever cryptocurrency will arise – this time, in Brazil.  CVM, Brazil’s exchange commission,  gave QR Capital’s application the go-ahead, and the commodity, QBTC11, will be live on the Sao Paulo stock exchange.

Bitcoin ETF Approved in Brazil

QR Capital notes that this is the fourth Bitcoin ETF to emphasize the importance of the CVM decisions.

Brazil became the second country to authorize a Bitcoin-tied ETF after three of these were released in Canada earlier this year. B3 is also the second stock exchange worldwide to provide access to this commodity.

QR Capital has its headquarters in Rio de Janeiro and is known in Latin America as “the largest crypto asset manager.” The organization recently tried its hands on the growing tendency to apply for the Bitcoin ETF, and today it revealed the green light from the Brazilian watchdog.

The prominent Sao Paulo stock exchange will host the exchange-traded fund live, under the QBTC11 ticker. The contracts are exchanged and run by the Chicago Mercantile Exchange (CME), and the BTC future contracts follow the CME CF Bitcoin Reference Rate.

QR Capital said it would allow local citizens more straightforward and easy to get to grips with primary crystal without worrying about storing and handling the properties by launching Bitcoin’s initial ETF in Latin American countries.

The Clock is Ticking in the U.S.

Recent approvals of Bitcoin ETFs have been listed in the publication. As previously reported by CryptoPotato, BTCC – the BTC ETF product launched by Intent Investments, was authorized by the Ontario Securities Council (OSC).

In the first month following its publication, this initiative was a huge success. Purpose Investments yesterday revealed that its Bitcoin-ETF had only reached $1 billion in assets under management on its one-month anniversary.

The U.S. $5 trillion ETF Market is yet to come from Bitcoin. VanEck, WisdomTree Investments, and NYDIG submitted their proposals to the  SEC earlier this year. Others such as Valkyrie Digital Assets and VanEck Associates Corp are also waiting for approval from the securities regulator.

Earlier this week, VanEck’s filing, now available in the Federal Register, was formally recognized by Regulator. The SEC is scheduled to decide in May following the comment period up to April 9.

The business has taken the U.S. ball, where the SEC has so far denied all applications by Bitcoin ETF. QR Capital does, however, conclude that the QBTC11 approval will accelerate the launch of a similar product in the U.S.

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Canada: CI Financial Files for Ethereum (ETH) ETF

On 25 February, CI GAM (CI Global Assets Management) heralded the filing of the CI Galaxy Ethereum ETF; furthermore, it received a preliminary prospectus for the same.

The First ETH ETF

As the company looks forward to the ETF launch, it will stand as the first-ever ETF investing directly on ETH. Also, it has selected Galaxy Digital Capital Management LP as the fund’s subadvisor; the ETF will be traded on the Toronto Stock Exchange (TSE).

CI Global Assets Management is a subsidiary of CI Financial, prided as one of the Canadian investment giants. 

CI Financial CEO Kurt MacAlpine acknowledged how cryptos are revolutionary to the financial sector globally. Besides, he also expressed his excitement for being the first company to launch the first ETH-based ETF, mentioning it as one of the most progressive cryptos in the market.

The fund will run under the ticker ETHX, with the primary objective pointing towards acquainting investors to ETH in an institutional-level funding network.

Strong Ties with Galaxy Digital

It is not the first time that CI GAM has been in partnership with Galaxy Digital. Late last year, the two companies collaborated to launch the CI Galaxy Bitcoin Fund with CI as the manager and Galaxy Digital as the subadvisor. 

Headed by Mike Novogratz, Galaxy Digital offers Asset Management, Investment Banking, Trading, and Principal Investments services. The New York-based company is well-versed in investment practices and financial services, particularly in the blockchain technology sector.

Therefore, Galaxy Digital will perform all bitcoin trades on behalf of CI Fund with that in mind. After its rollout, the fund was divided into three units dubbed Class A Units, Class C Units, and Class F Units, with each unit going for $10. 

In essence, the fund aims at investing entirely in bitcoin while leveraging the Bloomberg Galaxy Bitcoin Index. Utilizing Bloomberg’s pricing index will display the performance of a single BTC traded in U.S dollars. 

Past ETF Efforts in Canada

Today, institutional investors in Canada slowly recognize bitcoin as an investment tool following various ETF applications. Asset managers such as Purpose Investment Inc. rolled out their ETF on February 18th under the ticker(BTCC). 

Evolve Funds Group launched their Bitcoin ETF shortly after Purpose’s ETF launch in the market. On February 12, 2021, 3iQ Corp announced their Bitcoin ETF application which is still in processing. As per 3iQ’s objectives, their ETF project hopes to offer a long-term investment solution and bring bitcoin closer to investors anticipating getting their hands on digital assets.

Asides from bitcoin, institutional investors, realize that other digital assets have a worthwhile potential now with a new ETH ETF proposal from CI Financial. At the moment, CI Financial manages assets worth more than $230 billion.

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Bitcoin (BTC) $ 26,119.00 1.79%
Ethereum (ETH) $ 1,577.22 1.07%
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