Several months after greenlighting a Bitcoin ETF, Brazil’s watchdog has done the same for a product tracking the performance of the second-largest cryptocurrency – ETH. The fund will be managed by QR Asset Management.
- As local media reported, the CVM has given a nod of approval for the second cryptocurrency-oriented exchange-traded fund.
- The Ethereum ETF will have a ticker QETH11 and will appear on the country’s stock exchange called B3. It will follow the CME CF Ether Reference Rate, used by the CME Group.
- QR Asset Management, the company that will manage the fund, said with the announcement:
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“Expanding the horizen of diversification, QETH11 becomes a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage.”
- Interestingly, QR added that the new ETF will use “secure institutional custody” provided by the US exchange Gemini – owned and operated by the Winklevoss brothers.
- It’s worth noting that this is the second approved crypto exchange-traded fund in Brazil. As CryptoPotato reported in March this year, the nation’s securities regulator greenlighted a Bitcoin ETF.
- Furthermore, Canada also has three operational BTC ETFs within its borders, all approved since the start of this year.
- At the same time, the US SEC continues to reject most applications while delaying the latest attempts by VanEck and SkyBridge Capital.