The Securities and Exchange Commission has launched the first-ever Bitcoin exchange-traded fund in Brazil (Latin America). Bitcoin’s ETF will start its trading under the QBTC11 ticker, and the trading will be done on the B3 stock exchange located in Sao Paulo. The benchmark that is being used for this project is none other than the CME CF bitcoin reference rate, which is highly accurate to determine the current worth of the cryptocurrency. The net value of the Bitcoin asset will be determined on a daily basis.
In terms of bringing the revolution of digital asset evolution, the first prize goes to the USA as crypto trading and mining has already begun there and it is going to reach its peak in a few years, but in terms of the ETFs regarding Bitcoin, there is still some work that needs to be done here. Therefore skipping the obvious lead, Canada comes to sweep the first position as there are already 3 ETFs that are up and running there, and now Brazil settling for a second country that has approved the Bitcoin ETF and is now settling for its trade over their B3 stock market and in these terms the B3 market becomes the second to host the Bitcoin ETF trade.
SEC’s Response on Bitcoin ETFs
Although booming within the states, Bitcoin’s trade and mining haven’t been able to get a piece of the $5 trillion ETF market within the states. At the beginning of this year, various investment firms have already submitted their proposals to the U.S SEC, but still, nothing productive could come out of it only until now. The regulators have officially now acknowledged VanEck’s filing, and it can now be found within the Federal register. The comment period will last till April 9, and till that date, every investment firm out there might chip in their two cents about the bitcoin ETF and how it should be tackled.
Once the waiting period is lifted, the SEC will voice its decision regarding the Bitcoin ETF; according to a representative, it should have been done a long time ago, and the chances are that after the waiting period is over, it will be done.