The Securities and Exchange Commission of Brazil (CVM) has greenlit the very first Bitcoin exchange-traded fund in Latin America.
QR Capital’s Bitcoin ETF will be trading under the QBTC11 ticker on the trillion-dollar B3 stock exchange based in Sao Paulo. It will use the CME CF Bitcoin Reference Rate, the highly esteemed cryptocurrency benchmark, for determining its net asset value (NAV) on a daily basis.
To underscore the importance of the CVM decision, QR Capital mentions that this is only the fourth Bitcoin ETF in the world. Brazil became only the second country to approve a Bitcoin-tied ETF after three of them launched in Canada earlier this year. Subsequently, B3 is also the second stock exchange in the world to offer access to such a product.
The first-of-its-kind Purpose Bitcoin ETF—which made its explosive debut in February—has already surpassed CA$1 billion in AUM.