Brazil and Dubai Stock Exchanges List First Bitcoin ETF!

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

Blockchain investment firm QR Capital’s Bitcoin exchange-traded fund (ETF) began trading on the Brazilian Stock Exchange today. In March this year, the Brazilian Securities and Exchange Commission approved QR Capital’s Bitcoin ETF, trading under the ticker QBTC11.

In the Middle East, Canadian asset manager 3iQ’s Bitcoin ETF began trading on Nasdaq Dubai. It was the first crypto ETF in the region and was approved in April.

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

Crypto ETFs are popular because investors can simply buy shares that track the price of an asset without having to worry about owning a cryptocurrency wallet and storing it safely.

Dubai's bitcoin ETF is led by 3iQ, which manages about $1.5 billion in assets. Its CEO Fred Pye told Reuters in an interview today that if the ETF is popular, the fund size will increase.

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

Fernando Carvalho, CEO of QR Capital, said Bitcoin’s entry into the stock market is “a historic moment for both the crypto and traditional financial markets.”

“We can see that the market is maturing in its search for safer and simpler exposure to Bitcoin. Our Bitcoin ETF is a milestone for the financial and crypto markets as Brazilian investors now have a regulated and robust option to buy Bitcoin,” said Carvalho.

Investors are hopeful that U.S. regulators will approve the first crypto ETF this year. The SEC has rejected Bitcoin ETF applications several times due to market manipulation concerns. Currently, there are nine Bitcoin ETFs under review by the SEC, which has delayed its ruling on each one so far.