The world’s first Bitcoin (BTC) exchange-traded fund or ETF is set to roll out on the Bermuda Stock Exchange (BSX). As per an official statement published by the BSX, the new Bitcoin ETF is going to be known as the Hashdex Nasdaq Crypto Index ETF. In addition, 3 million Class E shares will be released to the market.
The new Bitcoin ETF launched thanks to the Brazilian Fund Manager Hasdex that signed a deal with the Nasdaq to provide investors with a safe a regulated Bitcoin ETF product. This would help companies and users get around the crypto market via a traditional investment platform.
According to reports, the aim is to have the ETF functioning by the end of 2020. Hashdex has been working to find a secure but also user-friendly jurisdiction where it can roll out a Bitcoin ETF, and choose Bermuda since it is seen as a crypto-friendly platform where crypto companies can expand their services.
With the Bitcoin ETF, investors will have the chance to gain exposure to the crypto market without having to buy and hold Bitcoin. This is incredibly useful because investors do not have to concern about custody.
The World’s First Bitcoin ETF
Hashdex’s Chief Executive Marcelo Sampaio explained that the ETF is going to have amazing impacts on the crypto sector, and new investors will have the possibility to access the industry using a regulated platform.
Moreover, he noted that there are ‘billions of dollars’ ready to invest in a Bitcoin ETF if this ultimately launches in the United States.
About a possible Bitcoin ETF in the United States, Sampaio said: “I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it. Every pension plan will allocate some money to it. Every family office will allocate some money to it. And the more the price goes up, the more they will allocate.”
Throughout the last years, numerous suggestions to launch a Bitcoin ETF were presented to the U.S. Securities and Exchange Commission (SEC), but none of them was approved.
