Brazil has had cryptocurrency ETFs since 2021 and has already launched two major Bitcoin products, led by Hashdex and QR Asset.
While the United States is still working on approving its first spot Bitcoin exchange-traded fund (ETF), Brazil has been in the space for more than two years with at least 11 cryptocurrency ETFs, all of which operate in a regulated manner without any issues since their release.
The success of these products in Brazil has attracted the attention of outside experts, as it shows that investors are interested in such products. According to CoinDesk, the assets under management (AUM) of Brazilian cryptocurrency ETF managers total the equivalent of 473 million reais.
The country's largest crypto fund is Hash11, managed by Hashdex Management, with 1.35 billion reais in assets. The ETF is a basket of digital assets that mirrors the Nasdaq Cryptocurrency Index and is rebalanced quarterly. The management company also owns Brazil's largest spot Bitcoin ETF, BITH11, which currently manages 283.17 million reais in assets, accounting for about 60% of the market for this product.
Marcelo Sampaio, CEO and founder of Hashdex, emphasized to CoinDesk that Brazil’s pro-market environment could help the success of a bitcoin ETF in the country. “There is a growing positive sentiment among more sophisticated investors and we are seeing increasing interest from some of the largest institutions, either allocating or considering adding cryptocurrencies to their portfolios,” he said.
Hashdex is one of the companies trying to launch a spot Bitcoin ETF in the U.S., including using a different model than its competitors. Despite this, last week the SEC decided to postpone its decision on the product offered by the Brazilian manager. #比特币ETF #巴西