Victor Ugochukwu · Dec 14, 2020 . 5min read
The Bermuda Stock Exchange Approves Hashdex and Nasdaq’s Crypto Index ETF
The Bermuda Stock Exchange (BSX) confirmed that it had approved the Hashdex and Nasdaq Crypto Index ETF on its trading platform.
By Komal Joshi · Sep 25, 2020 . 5min read
The Bermuda Stock Exchange (BSX) announced that it had approved the Hashdex and Nasdaq Crypto Index ETF on its trading platform. This Bitcoin ETF is a collaboration between Hashdex and Nasdaq. Hashdex is a Brazil-based fund manager. However, Nasdaq is an American stock exchange. The ETF will enable conventional investors to get entangled in digital trading assets on exchanges. U.S. companies have fought for years to get a Bitcoin ETF approved by financial regulators.
ETF’s in the U.S Markets
An exchange-traded fund (ETF) is an investment that is easily tradeable in the stock market. A Bitcoin ETF trails or follows Bitcoin’s price. Thus, people who want to contemplate on Bitcoin’s price can do so without actually owning the asset themselves. A crypto ETF provides those included in conventional finance to fund and trade Bitcoin or other digital assets on the platforms and markets they are already familiar with.
According to the reports, the cryptocurrency ETF on the Bermuda Stock Exchange will comprise a portfolio of cryptocurrencies and blockchain-based assets tracked by the Nasdaq Crypto Index. However, it is not yet apparent which cryptocurrencies will be realized. Earlier this month, the government of Bermuda declared that it is trialling a stablecoin. The ETF will soon be open for public trading on BSX. However, the ETF’s launch date has not been specified. However, users can anticipate its launch soon.
Recently, there are no established bitcoin or cryptocurrency ETFs by the U.S. SEC. Furthermore, there are rejections with respect to any proposed changes in listing and trading bitcoin ETFs. The SEC has revealed concern that a crypto ETF is vulnerable to market manipulation. However, recently, it refused an application from Wilshire Phoenix in February. Like the neighbouring Bahamas, Bermuda has expressed an openness to try digital assets. This month, the government declared a digital token pilot program that could quickly distribute financial aid to citizens.
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