Regulated Brazilian fund manager Hashdex has inked a deal with Nasdaq to launch the globe'south first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX).

The stock substitution announced it had approved the 'Hashdex Nasdaq Crypto Index' on September eighteen, revealing that 3 million Class E shares will be issued for merchandise on the platform. Cointelegraph Brazil confirmed the Nasdaq partnership and ETF with Hashdex'southward principal executive, Marcelo Sampaio

According to local media outlet Infomoney, the fund should exist alive and trading on the BSX by the cease of the year. The report notes that Hashdex chose to apply with BSX due to Bermuda'due south crypto-friendly regulations.

Exchange-traded funds offer a regulated and insured vehicle for institutional investors access exposure to commodities without holding the underlying avails.

While no farther details regarding the ETF have been made public, Hashdex stated that the methodology and other key information concerning the product volition be released by Nasdaq on the production's launch date.

In comments to major Brazilian newspaper Oglobo, Sampaio said the ETF'southward launch would advance institutional investment in the crypto sector.

Hashdex currently manages $46.iv 1000000 worth of assets spanning 4 funds, including funds property crypto assets. The firm'due south auditor is KPMG, its primary financial institution is Silvergate Bank, and Hashdex's crypto asset custodians are Xapo, Kingdom Trust, and Vo1t.

Earlier this week, former Goldman Sachs executive and fund director Raoul Pal predicted that the launch of Bitcoin ETF in the U.S was also imminent, stating:

"I'm going to requite y'all the biggest front-running opportunity of your life: they volition become an ETF across the line. In that location volition exist billions of dollars that cascade into it. Every pension plan will allocate some coin to it. Every family part will allocate some money to it. And the more the cost goes upwards, the more they volition allocate."

In recent years, the Us Securities and Exchange Committee (SEC) has rejected proposals for Bitcoin ETFs from the Winklevoss twins, and Wilshire Phoenix and NYSE broker Arca.