First Ethereum ETF Set to List on Brazil’s Stock Exchange

Shortly after receiving regulatory approval from the Brazilian securities regulator, leading blockchain investment firm QR Capital, has announced that it will be listing an Ether exchange-traded fund (ETF) on the country’s stock exchange.

In a tweet today, QR Capital revealed that the ETF will be listed on the highly reputable Sao Paulo-based B3 stock exchange, under the ticker “QETH11.”

QR Capital noted that the fund will utilize the same ETH index by leading derivatives exchange CME Group, and will buy ETH and offer investors exposure to it without the investors having to worry about wallets or private keys.

QETH11 will also use the institutional custodial services provided by Gemini, the US-based crypto exchange owned by the Winklevoss twins.

The company stated that this ETF is the very first ETH ETF to be launched in Latin America and adding:

“QETH11 is a simple, safe and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage, without worrying about registrations in exchanges, wallets or private keys.”

Earlier in March, QR Capital launched the first Bitcoin ETF in Latin America on B3 under the ticker QBTC11. The company noted in the tweet that it wants to give back “the power of choice to its clients.”

Therefore, investors have the option of either investing in the Bitcoin ETF or the Ether ETF based on their preferences. Both funds are managed by QR Asset Management.

US Regulators Hesitant to Approve ETF

For several months now, the U.S. SEC has consistently refused to approve various applications filed by crypto firms in the country to list a Bitcoin ETF.

The regulator cites several reasons why Bitcoin ETF applications have been constantly rejected, including the argument that BTC is unregulated and still a relatively new asset class in the industry. 

Based on these reasons and more, over ten Bitcoin ETF applications have been rejected, prompting crypto enthusiasts to wonder when the SEC will approve one in the US.

On the other hand, though, the first Bitcoin ETF in the world, Canada’s Purpose Bitcoin ETF, hit over $1 billion in AUM back in April after barely trading for two months.

Grayscale is also considering converting its GBTC fund into an ETF and has recently partnered with BNY Mellon for this purpose.