Brazilian asset manager Hashdex launched the country’s first sustainable Bitcoin ETF (exchange-traded fund) that is now available on the B3 stock exchange under the ticker BITH11. After QBTC 11, this is Brazil’s second ETF product which offers complete exposure to the benchmark cryptocurrency. The country has a total of four crypto-associated ETFs at the moment.
Brazil is making huge strides in opening crypto investment opportunities to its citizens with the approval of a second Bitcoin fund. The country has launched its first eco-friendly ETF that will use audits from the Crypto Carbon Ratings Institute (CCRI) to determine the carbon emissions of its investments.
In July, Hashdex’s chief of growth Roberta Antunes told a media outlet that the fund would divert a portion of its management fee to carbon credits and emission neutralizing projects. It has now been revealed that the ETF would indeed invest 0.15% of its liquid assets to sustainability promoting causes.
During an interview with Cicade Marketing, Rogerio Santana, a relationship director at Brazil’s leading stock exchange B3, outlined the importance of the new eco-friendly investment vehicle and said:
BITH 11 is Hashdex’s second crypto-focused ETF on the stock exchange. Its first offering HASH11, which debuted in April, was co-developed with Nasdaq to represent the institutional crypto asset market.
Despite a strict regulatory framework for crypto investments, Brazil has shown the willingness to embrace the emergent asset class and integrate it into mainstream finance. The country already has four different crypto-based funds mainly helmed by Hashdex and QR Assets -- which won the approval for Brazil’s very first Ethereum-based ETF in July.
On the payments front, some credit card companies are allowing their users to make crypto purchases with fiat money in their bank accounts.
Crypto exchanges such as Binance have also consolidated their presence in the Brazilian market, while other players like Mercado Bitcoin, Ripio, and Satoshitango are expanding their reach.