Nasdaq With Brazilian Fund Manager Launched First Bitcoin ETF

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

The stock exchange announced on September 18 that it had approved the Hashdex Nasdaq Crypto Index, revealing that 3 million Class E shares would be issued for trading on the platform. As per the confirmed ETF partnership with Brazil Nasdaq and Hashdex Chief Executive Marcelo Sampaio.

As per the reportings from a local media firm Infomoney, the fund should be traded live and on BSX by the end of this year. Hashdex chose to apply with BSX because of Bermuda’s crypto-friendly terms, the report said.

Exchange-traded funds provide a regulated and insured vehicle for institutional investors to disclose goods without having underlying assets.

Although no further details about the ETF have been revealed, Hashdex said it will release the production methodology and other important information on the Nadaq product launch date.

Commenting on the popular Brazilian newspaper Oglobo, Sampayo said the launch of the ETF would boost institutional investment in the crypto sector.

Hashdex currently manages about $46.4 million worth of assets in four funds, including funds that hold crypto assets.

The company’s auditors are KPMG, its primary financial institution Silvergate Bank, and Hashdex’s crypto-asset custodians Xapo, Kingdom Trust, and Vo1t accordingly.

Also Read: European Union Looking for Strict Crypto and Stablecoin Regulation in the New Draft