Another Bitcoin ETF will see the light of day, this time in Brazil, as the local Securities Regulatory Authority approved the relevant application of QR Capital.
It looks like 2021 will be a year of bitcoin Mutual Fund approvals, as we will have another stock market to monitor the performance of the top cryptocurrency, this time in Brazil. The country’s Capital Market Commission (CVM) has approved the relevant application of QR Capital and the QBTC11 product will be released “live” on the Sao Paulo Stock Exchange.
Based in Rio de Janeiro, QR Capital is described as the “largest cryptocurrency asset manager” in Latin America. The company that entered the dance of the growing trend of bitcoin ETF applications announced earlier yesterday that its control mechanism has given the green light.
QR Capital said that the opening of trading of the first bitcoin Mutual Fund in Latin America will allow locals to have a more direct and easier exposure to the main cryptocurrency without worrying about storing and managing their assets.
Interestingly, the company is throwing the ball in the US, where the SEC has so far rejected all bitcoin ETF marketing requests. However, QR Capital believes that “approval of QBTC11 may accelerate the release of a similar product in the United States.”
This publication comes shortly after the recent Bitcoin ETF approvals in Canada. The Ontario Securities and Exchange Commission (OSC) has approved BTCC – the BTC ETF product launched by Purpose Investments.
This initiative was a huge success in the first month after its release. Purpose Investments announced that the bitcoin ETF has surpassed $1 billion in assets under management, exactly on its one-month anniversary. According to the company, this milestone increases “investor confidence in our innovation and demand for this growing asset class“.
Shortly after Purpose’s product, the country’s securities regulator approved another bitcoin ETF. Galaxy Digital and CI Global Asset Management are behind the CI Galaxy Bitcoin ETF (BTCX), which was released in early March on the Toronto Stock Exchange (TSX).