The bitcoin exchange-traded fund (ETF) is reportedly set to go live in Brazil this summer for the first time to gain regulatory approval in Latin America.
QR Capital, the parent of Brazilian blockchain asset management company QR Asset Management, announced the ETF launch today and indicated that the product would be listed on the Brazilian stock exchange B3. According to a translated report by CNN Brasil, it should be listed by June and will be referenced in the Chicago Mercantile Exchange (CME) futures contracts bitcoin index.
According to the report, "QR Asset Management was guaranteed to launch its bitcoin ETF in B3 from the Brazilian Securities and Exchange Commission." The primary offering of the asset, estimated to be around 500,000, will be for qualified investors. . "
As the announcement comes, more institutional investors have been pouring into Bitcoin, often fearing that US dollar inflation is eroding their reserves to allocate their treasury reserve assets to the BTC. This, combined with an ongoing price bull run, increased mainstream retail adoption and greater bitcoin functionality, are combining to degrade bitcoin as an asset - a trend that clearly spurred the growth of bitcoin ETFs. Is increasing.
North America saw its first regulatory-approved ETF launch in Canada last month, which immediately broke records in its first week. Meanwhile, many firms are trying to launch bitcoin ETFs for the US. With this latest announcement linking ongoing momentum from Brazil, it appears that a US-approved bitcoin ETF is imminent.
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