Adam Vettese (eToro) | Brazilian fund management firm Hashdex is working with Nasdaq to launch the world’s first bitcoin ETF on the Bermuda stock exchange, according to Coin Telegraph.
The exchange announced on 18 September it had approved the Hashdex Nasdaq Crypto Index ETF which will be issuing 13 million shares. The ETF should be available for purchase by the end of the year. Fund manager Hashdex manages four funds worth around $46 million, some of which hold cryptoassets.
The launch of an ETF will allow investors to track the price of bitcoin without holding the underlying asset. Hashdex reportedly picked Bermuda thanks to it’s more crypto-friendly regulations. Proposals for bitcoin ETFs in the US have so far been rejected in recent years by the Securities and Exchange Commission (SEC).