Bitcoin News

Regulated Brazilian fund manager Hashdex has inked a deal with Nasdaq to launch the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX).

The stock exchange announced it had approved the ‘Hashdex Nasdaq Crypto Index’ on September 18, revealing that 3 million Class E shares will be issued for trade on the platform. Cointelegraph Brazil confirmed the Nasdaq partnership and ETF with Hashdex’s chief executive, Marcelo Sampaio

According to local media outlet Infomoney, the fund should be live and trading on the BSX by the end of the year. The report notes that Hashdex chose to apply with BSX due to Bermuda’s crypto-friendly regulations.

Exchange-traded funds offer a regulated and insured vehicle for institutional investors access exposure to commodities without holding the underlying assets.

While no further details regarding the ETF have been made public, Hashdex stated that the methodology and other key information concerning the product will be released by Nasdaq on the product’s launch date.

In comments to major Brazilian newspaper Oglobo, Sampaio said the ETF’s launch would advance institutional investment in the crypto sector.

Hashdex currently manages $46.4 million worth of assets spanning four funds, including funds holding crypto assets. The firm’s auditor is KPMG, its primary financial institution is Silvergate Bank, and Hashdex’s crypto asset custodians are Xapo, Kingdom Trust, and Vo1t.

Earlier this week, former Goldman Sachs executive and fund manager Raoul Pal predicted that the launch of Bitcoin ETF in the U.S was also imminent, stating:

“I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it. Every pension plan will allocate some money to it. Every family office will allocate some money to it. And the more the price goes up, the more they will allocate.”

In recent years, the United States Securities and Exchange Commission (SEC) has rejected proposals for Bitcoin ETFs from the Winklevoss twins, and Wilshire Phoenix and NYSE broker Arca.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000
Bitcoin is disruptive, making its market cycles erratic, Horizen CEO says
Bitcoin Wicks to $17,100 Amid 14% Pre-Thanksgiving Crash
Bitcoin price dives back under $16,900 as whale deposits spike again
TA: Bitcoin Correcting Gains, Key Resistance Turned Support Nearby

Leave a Reply

Your email address will not be published. Required fields are marked *