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Brazil welcomes First Bitcoin ETF in Latin America

Brazil welcomes First Bitcoin ETF in Latin America

2021 seems to be the year for Bitcoin ETF approvals as yet another ETF emerges in Brazil. Brazil’s Securities and Exchange Commission (CVM) has approved a Bitcoin ETF launched by QR Capital. Sao Paulo stock exchange will list Brazil’s first Bitcoin ETF under the ticker QBTC11. The primary offering will be for $500 million and will only be accessible to qualified investors. Moreover, it will be available to retail investors once listed on the stock exchange in June this year.

QR Capital defines itself as the most prominent crypto asset manager in Latin America. The QR considers that the launch of the first BTC ETF in Latin America is important. It would allow locals to have more accessible and more direct exposure to the principal cryptocurrency without handling and storing the assets. Such listing of the Bitcoin ETF on the conventional market stock exchange instead of cryptocurrency exchanges would clarify investing in Bitcoin. For instance, listing Bitcoin beside other stocks like Apple stocks, Facebook stocks, and several others would offer local investors the possibility to decrease risks and expand their portfolios.

QR Capital is the fourth BTC ETF to gain approval in Western Hemisphere

QR Capital crypto firm advocated yesterday that the Bitcoin ETF would track the performance of the BTC futures contracts traded and managed by the CME. Moreover, QBTC11 is the fourth Bitcoin ETF to obtain approval in the Western Hemisphere. The other Canadian Bitcoin ETFs involve Purpose Bitcoin ETF, Evolve Bitcoin ETF, and CI Galaxy Bitcoin ETF, which gained approval in recent weeks. 

Interestingly, the company took the case to the U.S., where the SEC has denied all Bitcoin ETF requests so far. QR Capital stated that the approval of QBTC11 could accelerate the approval of a Bitcoin ETF in the U.S. as CVM and the SEC are associated members of the International Organization of Securities Commissions. Moreover, there are recently four Bitcoin ETF requests pending the SEC’s reviews. It involves WisdomTree Investments, VanEck Associates Corp., NYDIG Asset Management, and Valkyrie Digital Assets.

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