Brazilian asset manager to launch bitcoin ETF on Bermuda Stock Exchange

Hashdex, a Brazilian asset manager, in partnership with Nasdaq, will launch a bitcoin ETF on the Bermuda Stock Exchange (BSX).

On September 18, BSX approved Hashdex Nasdaq Crypto Index. For trading, 3 million Class E shares will be issued. The launch is set to occur by the end of the year, Brazilian media report.

Nasdaq will unveil details closer to the launch.

As of now Hashdex manages $46.4 million. The company already manages cryptocurrency assets. Among its custodial partners are Xapo, Kingdom Trust and Vo1t, writes Cointelegraph.

Read more about bitcoin ETFs, bitcoin ETPs and exchange-traded notes in the educational card.

What is a cryptocurrency ETF?

Earlier, the U.S. Securities and Exchange Commission (SEC) rejected the latest bitcoin ETF application in February. Industry sources doubted that companies would secure SEC approval in 2020.

Bitcoin-ETPs, a variant of ETFs, are already trading on the Vienna Stock Exchange (Wiener Börse), the Swiss SIX Swiss Exchange (SIX Swiss Exchange), the German Börse Stuttgart and Deutsche Börse, and the Toronto Stock Exchange.

The first similar product, a bitcoin-based ETN, appeared as early as 2015 on Sweden’s Nasdaq Stockholm.

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