The Bermuda Stock Exchange (BSX) has approved a cryptocurrency ETF. The ‘Hashdex Nasdaq Crypto ETF’ will be traded on Bermuda’s BSX, handing institutional investors access to Bitcoin and other cryptocurrencies.
The ETF is a joint venture with Brazilian-based fund manager Hashdex and US exchange Nasdaq.
Bermuda is the first jurisdiction to pass a cryptocurrency ETF, which many in the space have been eagerly waiting for.
Many US companies have submitted Bitcoin ETF proposals in the past, but have constantly hit a brick wall when dealing with the Securities and Exchange Commission (SEC).
What is a Crypto ETF?
An exchange-traded fund (ETF) is an investment fund that can be easily traded on the stock market.
The Hashdex Nasdaq Crypto ETF will track a portfolio of cryptocurrencies and blockchain-based assets that are tracked by the Nasdaq Crypto Index.
It will give investors access to speculating on the cryptocurrencies without having to buy them.
And although investors won’t technically be buying cryptocurrencies, it will open up the crypto space to those who already use traditional brokerage companies. Read More