The Bitcoin ETF, launched by QR Asset Management could expand the launch of a similar product in US since CVM and Securities and Exchange Commission, SEC are part of the International Organization of Securities Commissions or IOSCO. Both ETFs will be traded on Brazil’s Stock Exchange (B3). According to Brazil Journal, two of the country’s main banks, Itaú and BTG Pactual, stated to offer Hashdex’s ETF to their customers.
The QR ETF will trade on the Brazil Stock Exchange (B3) with the ticker QBTC11. The trading of QBTC11 ETF is expected to begin by the second quarter of 2021. The price index of Bitcoin will be calculated by the Chicago Commodities Exchange.
Hashdex will have HASH11 as its ticker symbol, where the trading is expected to start by this month. The world’s first Bitcoin ETF, Hashdex Nasdaq Crypto Index ETF, is a collaboration approved by the Bermuda regulator and Nasdaq on September 2020. The Brazilian Hashdex will replicate the Nasdaq Crypto Index (NCI). Canada is one among the countries besides Brazil to approve its own ETF. The custody of assets is made by BitGo, Coinbase, Fidelity, and Gemini, which are also mediated and regulated in the USA.
CEO of QR Capital, Fernando Carvalho predicts the movement to be an essential milestone for the occurrence of innovating the Brazilian capital market. He said:
Our ETF, to be traded with the QBTC11 ticker, is a milestone in the Brazilian market. The asset ends up acting as a double hedge, as it is a digital commodity and at the same time, it is traded in dollars on the world market. Its price is unrelated with other asset classes, which means that it is increasingly being adopted by large managers and investors within diversified portfolios.