Bitcoin ETFs Begin Trading in Brazil, Dubai Stock Exchanges

Brazil and Dubai both launched their first Bitcoin exchange-traded funds (ETFs) today. 

In Brazil, QR Capital’s Bitcoin ETF QBTC11—approved by regulators in March—started trading on the Brazilian Stock Exchange (B3).

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While in the Middle East, Canadian asset management firm 3iQ’s Bitcoin ETF, started trading on the Nasdaq Dubai. It is the first crypto ETF in the region and was given the green light in April. 

In Brazil, a crypto ETF that gives exposure to a number of assets—including Bitcoin—launched in April. QBTC11 is the first in the region that solely deals in Bitcoin.

Previously, crypto ETFs only operated in Canada, where there are several. There are a long list of companies hoping to get crypto ETFs approved in the U.S. 

An ETF is an investment tool that lets people buy shares that represent an asset. This can be anything from real estate, foreign currencies, or Bitcoin. 

Crypto ETFs are popular because investors simply buy shares that track the price of the asset and don't have to worry about owning a cryptocurrency wallet and securely storing it.

Brazil’s QBTC11 was authorized by Comissão de Valores Mobiliários (CVM, Brazil’s Securities and Exchange Commission) and the Brazilian Stock Exchange (B3). 

Dubai’s Bitcoin ETF is headed up by 3iQ, which has roughly $1.5 billion in assets under management. Its CEO, Fred Pye, said in a Reuters interview today that if the ETF was popular, the size of the fund would be increased. 

So far, crypto ETFs have been extremely popular in Canada. When the first ones kicked off trading on the Toronto Stock Exchange in February, they broke records: the Purpose Bitcoin ETF traded $165 million-worth of shares in its first day, including $80 million in its first hour.

A Second Ethereum ETF Is Seeking SEC Approval

WisdomTree, an asset manager with a focus on investment products, has filed for an Ethereum ETF. ETFs, or exchange-traded funds, track the performance of an underlying asset or group of assets. They’re a good option for traders who don’t want to deal with the risks of actually holding the underlying investment, and would rather just treat it like a regular stock. Companies like WisdomTree see crypto as a good use case, since blockchain tech is notoriously difficult to navigate: wallets can be c...

Investors are hopeful that U.S. regulators will approve a crypto ETF this year. The SEC has repeatedly rejected Bitcoin ETF applications due to market manipulation concerns. There are currently nine Bitcoin ETFs up for the SEC’s review, though the Commission has so far delayed ruling on each one of them.