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Investors will soon be able to get their hands on a new cryptocurrency exchange-traded fund (ETF) by Brazilian fund manager Hasdex and Nasdaq. The new investment product has been approved for trading on the Bermuda Stock Exchange.
On September 18, the Bermuda Stock Exchange (BSX) its approval of the new ETF, which is named as the “Hashdex Nasdaq Crypto Index,” according to Cointelegraph. The exchange added that a total of 3 million Class E shares will be issued on the platform for trading.
Meanwhile, the Brazilian fund manager Hashdex likewise confirmed the launching of the crypto ETF that it co-developed with Nasdaq, according to Bitcoin.com. The firm added that BSX already approved its inclusion in the bourse roster of tradable securities and financial instruments.
“The ETF will be available for public trading on BSX once the Nasdaq Crypto Index [NCI] is officially launched,” a spokesperson for Hashdex said.
However, the launch date of the cryptocurrency exchange-traded fund has not yet been officially announced. “We can’t confirm any dates at this moment. However, it shouldn’t take long. We need the NCI launch first,” the Hashdex spokesperson added.
The exchange’s rep did not yet reveal details of the new crypto investment product but added that they will be announced upon launch. “Nasdaq will reveal more details about the index methodology once it is launched as well,” the spokesperson said.
Unfortunately, the ETF will not be available for American investors, according to the spokesperson. The U.S. Securities and Exchange Commission as not yet approve any cryptocurrency or Bitcoin ETF at the moment.
A number of firms have already tried to secure SEC approval for a Bitcoin ETF but all were unsuccessful, according to Coindesk. One of the concerns raised by the SEC is that a crypto ETF is vulnerable to market manipulation.
Founded in 1971, the Bermuda Stock Exchange is recognized by the U.S. SEC as a Designated Offshore Securities Market under Regulation S. It is likewise recognized by U.K.’s Financial Services Authority as a Designated Investment Exchange and by U.K.’s HM Revenue & Customs as a Recognized Stock Exchange.
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