The World’s first Bitcoin ETF will launch at the End of a Year
On Sep 09, 2020
Brazilian fund management company Hashdex, together with Nasdaq, has decided to launch Bitcoin ETF by the end of the year. Fund manager Hashdex announced that the application approved by Nasdaq, and they signed an agreement to offer the Bitcoin cryptocurrency exchange-traded fund. ETFs are a great investment vehicle that allows investors to allocate their portfolios to certain assets without owning the underlying assets. The Bitcoin(BTC) exchange-traded fund (ETF) is one of the crucial steps that the crypto world has been waiting for several years to attract new investors to the market.
The world’s first Bitcoin ETF will be launched on BSX
On September 18, the Bermuda stock exchange said in an official statement that it has approved the “Hashdex Nasdaq Crypto Index” ETF and plans to issue 3 million Class E shares on the platform. According to local news Infomoney, by the end of the year, the fund is expected to be fully traded.
Founded in 2018, Hastex aimed to connect the traditional financial market with global digital assets. It currently manages $ 46.4 million in assets divided into four funds, including funds holding crypto assets. Founded in 2018, Hastex aimed to connect the traditional financial market with global digital assets. Hashdex chose Bermuda for BSX due to of its innovative crypto-friendly regulations. Marcelo Sampaio, the Hashdex CEO, said:
“We are bringing a compelling crypto ETF to the market. This is a very significant development that should positively impact and transform the financial market in the coming years.”
According to the report, Nasdaq will announce more details about the methodology when the product is officially released.
In recent years, Winklevoss twins and Wilshire Phoenix and NYSE broker Arca have also submitted proposals to the US Securities and Exchange Commission (SEC) to launch a Bitcoin ETF. But none of them have been approved by the Commission.