Brazilian fund manager Hashdex in partnership with US stock exchange Nasdaq will launch the world’s first Bitcoin exchange-traded fund (ETF) on the Bermuda Stock exchange (BSX).
23 September 2020 | AtoZ Markets – ETFs are increasingly popular, while Bitcoin ETF is a long-awaited concept in the crypto industry. Bitcoin ETF is an investment fund that trades on the stock market with a value derived from Bitcoin (BTC) cryptocurrency, not any other traditional financial product. US SEC has not approved digital currency ETFs so far, but investors are generally optimistic.
Bermuda Stock Exchange Will Launch Hashdex Nasdaq Crypto Index ETF
Hashdex and Nasdaq jointly will launch a Bitcoin ETF on the Bermuda Stock Exchange (BSX). Bitcoin ETFs will live and trade on BSX later this year. However, Hashdex has revealed that it chose BSX to trade Bitcoin ETF for Bermuda’s crypto-friendly regulations.
The exchange has approved the Bitcoin ETF as the Hashdex Nasdaq Crypto Index ETF on September 18. The exchange has also revealed that 3 million Class E shares will be issued for trading on BSX. BSX exchange has released the following details of the Bitcoin ETF:
- Name of Issuer: – Hashdex Nasdaq Crypto Index ET
- Description of Securities: – Participating Class E Shares
- Nominal Amount of Securities: – 3,000,000 shares.
- Listing Classification: – Section IV –Collective Investment Vehicles
- Method of Listing: – Private Placement
- Date of Admission to Listing: – September 18, 2020.
- Listing Sponsor: – Clarien BSX Services Limited, Bermuda.
The new bitcoin index will allow companies and other traders to access the crypto market through traditional investment platforms. The index will provide exposure without necessarily holding Bitcoin, so investors don’t have to worry about custody.
“Institutional investors are interested in cryptocurrencies. This process should also accelerate institutional entry into this segment,” said Marcelo Sampaio, CEO of Hashdex. It also tends to be more and more concrete. “
Think we missed something? Let us know in the comment section below.