The Brazil Securities and Exchange Commission (CVM) has approved the first in Latin America exchange-traded
The Brazil Securities and Exchange Commission (CVM) has approved the first in Latin America exchange-traded fund (ETF) based on the first cryptocurrency. Asset management company QR Asset Management's ETF under the ticker QBTC11 will be listed on the Sao Paulo-based B3 exchange.
Bitcoin ETF quotes will follow the dynamics of the CME CF Bitcoin Reference Rate index of the Chicago Mercantile Exchange (CME Group).
The firm is part of the QR Capital group. According to the information on the website, QR Asset Management manages cryptocurrency assets worth 423 million reais (~ $77 million) and serves more than 10,000 clients in Latin America.
QR Capital noted that the fund has become the fourth such regulated investment product based on Bitcoin in the world - three of them have been launched in Canada since the beginning of this year. B3 will be the second exchange to offer such an instrument.