The first Bitcoin ETF drive in Latam is now listed on the Brazilian stock exchange. The ETF wants to bring Bitcoin exposure for institutions and companies. Approved by Brazilian regulators and the ETF is currently trading with the QBTC11 ticker.
Brought about by QR Capital, a blockchain investment firm and asset manager, its goal is to simplify Bitcoin access for organizations. Approval of this Bitcoin ETF product got its endorsement last March from the Brazil Securities and Exchange Commission.
As per QR Capital CEO Fernando Carvalho, their product spearheads how organizations approach cryptocurrency investments in Brazil.
One of a kind in Latam
While other Bitcoin-based ETFs were launched in Canada, this release is one of a kind in Latam. The product had a decent beginning session, with bitcoin price recuperating 7% during introductory trading hours. QR’s Bitcoin ETF additionally includes a generally low service charge of 0.75% yearly.
It was proposed to tempt small financial investors into entering the digital currency world in a controlled way.
The US fails and lags behind
Canada and Brazil both are already trading Bitcoin ETFs in their markets. But such filings in the US haven’t had a similar chance to blossom. The SEC (Securities and Exchange Commission) has, again and again, denied filing after filing from various companies providing similar products.
There are presently more than seven filings from different companies trying to provide this solution in the US stock market, and two for Ethereum-based variations but none of them succeeded. The SEC has given a few purposes behind not approving these propositions.
Unregulated market sectors inclined to manipulation and price instability go hand in hand. In any case, Microstrategy and Grayscale have entered in as a type of informal change for these instruments. While giving them not-so-direct exposure to the underlying assets.
Regardless, if a Bitcoin ETF shows up in US markets soon, it could improve organizations’ access to Bitcoin. An ETF would be a significant answer for managers who would prefer not to confuse things with custody liabilities and be secured by current market laws.