The ETF can launch on the Sao Paulo stock exchange under the ticker QBTC 11 by June. The company executive believes this approval could “increase” the pressure for a Bitcoin ETF in the U.S.
Brazil’s Securities and Exchange Commission (SEC) has approved the first Bitcoin exchange-traded fund (ETF) of Latin America.
Launched by QR Asset Management, manager of the QR Capital group, the Bitcoin ETF is expected to be listed on B3, the main stock exchange of the region’s largest economy. It is expected to be listed under the ticker symbol QBTC 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” in an easy and secure manner.
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.
This latest Bitcoin ETF approval, the company executives believe, could “speed up” the approval of one in the US as well.
The SEC 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, SEC is actually 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 SEC’s review are from WisdomTree Investments, VanEck Associates Corp., NYDIG Asset Management, and Valkyrie Digital Assets.
This article is Originally posted on CoinCentral.com