Brazil’s Hashdex is teaming up with Nasdaq to bring the world’s first Bitcoin ETF to the BSX

Brazilian manager Hashdex announced that it has obtained approval to launch the world’s first cryptocurrency Exchange Traded Funds (ETF) on the Bermuda Stock Exchange (BSX). ETFs are funds that tend to replicate indices, but are traded like stocks. 

According to BSX, 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.

The ETF will replicate the Crypto Nasdaq Index, which was also developed jointly by Nasdaq and Hashdex and aims to represent the institutional setting for investment in cryptocurrency.

The attempt to launch a Bitcoin or cryptocurrency ETF is nothing new. At least two years ago, several managers around the world tried to create a product of this type, but all proposals were blocked by the United States Securities and Exchange Commission (SEC).

According to Marcelo Sampaio, CEO of Hashdex, Nasdaq’s formal entry into the digital assets market, through this project, is yet another confirmation that investments in crypto are being viewed with greater interest and confidence.

Marcelo Sampaio, CEO of Hashdex

“This process should also accelerate the entry of institutional investors in this segment. It is a trend that increasingly becomes concrete, ”he said.

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.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like