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Galaxy Digital Launches New BTC ETF In Brazil

Galaxy Digital, an asset manager, has introduced another BTC ETF in Brazil. The company partnered with Itaú Asset Management, Latin America’s largest private asset manager.

The aim is to create a comprehensive list of physically supported crypto ETFs in the region. Meanwhile, the BTC ETF is not the only product Galaxy Digital is launching in Brazil.

The company will also work to offer an ETH-based ETF via the agreement with Itaú. Steve Kurz, Galaxy Digital’s Global Head for Asset Management, said the firm would also consider launching other crypto-based ETFs in Brazil.

“The crypto market is developing institutionally. Hence, blue-chip companies like Galaxy Digital must partner with large institutions. Most of these institutions have huge client bases. But they lack the expertise needed to develop high-quality cryptocurrency products,” Kurz added.

The Global Head also referred to Brazil as a hot region for crypto adoption. Besides, crypto adoption has been growing quickly in Latin America in the last 12 months.

Itaú Asset firm has assets worth over $165 billion under its management. Its other entity, Itaú Unibanco, has over 65 million clients. The subsidiary has offices across 18 countries.

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This partnership comes after the asset manager revealed its earnings for Q3 2022 on Wednesday. Galaxy stated it made a $68 million net loss for Q3 2022. However, it is lower than Q1 and Q2 2022, which are $112 and $555 million, respectively.

Spot BTC ETF And The US

In June of 2021, a Brazilian firm, QR Asset Management, launched the first BTC exchange-traded fund in the country. Hashdex is an example of another company that has followed its lead.

Furthermore, Galaxy recently partnered with CI Global Asset Management, a Canadian firm. The aim is to launch metaverse and blockchain-based ETFs on Toronto’s Stock Exchange.

Meanwhile, a spot BTC ETF is far from available in the United States. Although there have been several applications, the US SEC rejected them.

Several investors have been clamoring for a spot BTC ETF in the country. However, reports revealed that investors are going to other countries to access this crypto investment product.

The SEC kept citing investor protection as one of the significant reasons for denying the application. Meanwhile, several spot BTC ETFs are available for trading on the Canadian stock exchange market.

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Sadly, the recent FTX crisis in the US has caused more harm to the crypto sector. Regulators would continue to see the crypto sector in a bad light. Hence, it deters any chances of a spot BTC ETF in the United States.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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