Brazilian regulator approves first Ethereum-ETF in South America

The exchange-traded fund will be named QETH11 and will be managed by QR Asset Management

The Brazilian Securities Commission (CVM) approved South America’s first exchange-traded fund based on Ethereum, which will be managed by QR Asset Management. The Ethereum-ETF will have a ticker symbol QETH11 and will be traded on the Brazilian stock exchange B3 (formerly BM&FBOVESPA). QR Asset Management stressed that it will use the services of Gemini, a U.S. cryptocurrency exchange owned by the Winklevoss brothers, to store the cryptocurrency.

This is the second cryptocurrency-based exchange-traded fund that has been approved by CVM. In June, the regulator gave QR Asset Management permission to create a bitcoin-ETF.

The SEC is currently reviewing applications for bitcoin-ETFs from ARK Invest, One River, VanEck and Fidelity. The U.S. regulator has yet to approve any cryptocurrency-based exchange-traded fund.

In April of this year, the Canadian regulator approved the launch of three exchange-traded funds based on Ethereum – Purpose Ether ETF, CI Galaxy Ethereum ETF and Evolves Ether ETF. Cryptocurrency storage for these funds is also handled by U.S. cryptocurrency exchange Gemini.

Eddie Elzer

Crypto Social Media Global Influencer
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