Brazil Becomes Second Country in the Americas to Approve a Bitcoin ETF

Brazil has become the second country in the Americas to approve a bitcoin exchange-traded fund (ETF) following the three launched in Canada this year.

• The Brazil Securities and Exchange Commission (CVM) has approved blockchain investment firm QR Capital's bitcoin ETF which will trade on the Sao Paulo-based B3 exchange.
• The fund will trade under the ticker QBTC11, QR capital tweeted Friday.
• "The QBTC11 will have as reference the CME Group index of bitcoin futures contracts," QR said.
• Reuters reported Friday the ETF listing will take place by June.
• This will be the fourth ETF of its kind following the three funds that launched on the Toronto Stock Exchange (TSX) in February and March.
• The first of these, launched by Purpose Investments, saw inflows of $564 million in its first two days. (Purpose's ETF uses index information from TradeBlock, a CoinDesk subsidiary.)
• The U.S. Securities and Exchanges Commission (SEC) yesterday acknowledged VanEck's application to launch a bitcoin ETF, which, if approved, would be the first of its kind in the U.S.

See also: Valkyrie Files for an ETF That Would Invest in Firms With Bitcoin on Their Balance Sheets