After years of waiting, the Bitcoin exchange-traded fund (ETF) is going to launch by the Brazilian Fund Manager Hasdex in collaboration with Nasdaq.
Hashdex Nasdaq Crypto Index ETF
Bitcoin ETF called “Hashdex Nasdaq Crypto Index ETF” will be launched on the Bermuda Stock Exchange (BSX). According to the official announcement by BSX, it will issue 3 million Class E shares for trading over the platform.
Bitcoin ETF will be live for trade over BSX at the end of the year, claims local media news agency Infomoney. However, there is no official announcement which confirms this report. No other information related to Bitcoin ETF is made public, but Hashdex explained that the key information and methodology will be out at the time of launch by Nasdaq. BSX is selected for the trading of the Hashdex Nasdaq Crypto Index ETF because of its regulated nature for cryptocurrency.
Hashdex CEO Marcelo Sampaio welcomes the entry of Nasdaq into the crypto world and says that investment in crypto products has now become new normal. Sampaio said:
“This process should also speed up the entry of institutional investors in this segment. It is a trend that increasingly becomes concrete.”
Hashdax seems very optimistic about the new product and claims that Bitcoin ETF can collect “billions of dollars” in investment if it is released in the United States.
“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.”
Legal Hurdle against Crypto ETF
It is not the first try to introduce Bitcoin ETF over stock exchange as many fund managers attempted to launch the product two years ago. But the US Securities and Exchange Commission (SEC) was the main hurdle for fund managers. Recently, a product is also rejected by the SEC introduced on the part of NYSE broker Arca and investment bank Wilshire Phoenix.