The Brazilian fund manager, Hashdex signed an agreement with Nasdaq to launch the world’s first Crypto-Asset Exchange Traded Fund (ETF) on the Bermuda Stock Exchange (BSX).
The exchange announced that it was the “Hashdex Nasdaq Crypto Index” on September 18 This shows that 3 million Class E Shares will be issued for trading on the platform. Cointelegraph Brazil confirmed the partnership between Nasdaq and ETF with Hashcelx CEO Marcelo Sampaio.
According to the local media Infomoney, The ‘Hashdex Nasdaq Crypto Index’ should be available on the Bermuda Stock Exchange by the end of the year. The note states that Hashdex decided to apply to BSX due to the island nation’s lax regulations regarding crypto assets.
Traded Funds They provide institutional investors with a regulated and insured tool to access product risk without owning the underlying assets.
Although no further details about the ETF were released, Hashdex stated so The methodology and other important information about the product will be published by Nasdaq on the product launch date.
Sampaio said so in comments on the major Brazilian newspaper Oglobo The launch of the ETF will “accelerate the entry of institutional investors into the cryptocurrency sector”.
Hashdex currently manages $ 46.4 million in assets across four funds including crypto asset funds. The company’s auditor is KPMG, The main financial institution is Silvergate Bank Hashdex’s crypto asset managers are Xapo, Kingdom Trust and Vo1t.
Earlier this week, the former chief executive and fund manager was Goldman SachsRaoul Pal predicted that the launch of a Bitcoin ETF in the US is also imminent. He explained:
“I’m going to offer you the greatest beneficial investment opportunity of your life: you’ll make an ETF cross the line. Billions of dollars will pour into them. Each retirement plan will allocate you some money. Each family office will allocate you some money. And the higher the price goes, the more money you will be allocated.
In the past few years, The US Securities and Exchange Commission has rejected proposals for a Bitcoin ETF from the Winklevoss twins Wilshire Phoenix and NYSE Arca.