Brazilian fund manager and Nasdaq to launch world’s first Bitcoin ETF

Regulated Brazilian fund manager Hashdex has inked a deal with Nasdaq to launch the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange.

According to local media outlet Infomoney, the ‘Hashdex Nasdaq Crypto Index’ should be available on the Bermuda Stock Exchange by the end of the year. It sought to launch there due to the island nation’s permissive regulations concerning crypto assets.

Exchange-traded funds offer a regulated and insured vehicle for institutional investors access exposure to commodities without holding the underlying assets.

The report notes that Bermudian officials have authorized the ETF, adding that the product is expected to be live and trading before the end of the year.

Marcelo Sampaio, Hashdex’s chief executive, predicted that the launch of the ETF will “speed up the entry of institutional investors” in the crypto sector.

Earlier this week, former Goldman Sachs executive and fund manager Raoul Pal predicted that the launch of a Bitcoin ETF in the U.S. is also imminent, stating:

“I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it. Every pension plan will allocate some money to it. Every family office will allocate some money to it. And the more the price goes up, the more they will allocate.”

In recent years, the United States Securities and Exchange Commission (SEC) has rejected proposals for Bitcoin ETFs from the Winklevoss twins, and Wilshire Phoenix and NYSE broker Arca.

The original article is located at cointelegraph.com

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