$ 60,613
$ 2,159.2
$ 231.69
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A Bitcoin ETF Finally Launches in Bermuda

Companies have struggled for years to get a Bitcoin ETF approved in the US. Now, the Bermuda Stock Exchange will have one.

The Bermuda Stock Exchange (BSX) announced Friday that it has approved the Hashdex Nasdaq Crypto Index ETF on its trading platform. This ETF is a joint venture with Hashdex, a Brazil-based fund manager, and American stock exchange Nasdaq.

The announcement comes after US companies have struggled for years to get a Bitcoin ETF approved. Last year, the Securities and Exchange Commission (SEC) rejected a proposal from Bitwise Asset Management for a cryptocurrency ETF, saying such a market didn’t exist. And while Europe has several crypto exchange-traded products, it doesn’t have a crypto exchange-traded fund.

An ETF is an investment that can be easily traded on the stock market. A Bitcoin ETF tracks or follows the price of Bitcoin so people who want to speculate on the price of Bitcoin can do so without actually having to own the asset themselves.

The upside is that a crypto ETF basically allows those involved in traditional finance to invest and trade Bitcoin or other digital assets on the platforms and markets they are already familiar with—leaving things like private keys, storage, and general security to be managed by a third party.

The cryptoccurrency ETF on BSX will cover “a portfolio of cryptocurrencies and blockchain-based assets that are tracked by the [Nasdaq Crypto] Index,” according to an explanatory document. Some three million Class E shares will be available to trade on the Hashdex Nasdaq Crypto Index at $1,000 per share, according to the announcement. It is not yet clear which cryptocurrencies will be represented.

Bermuda, a British overseas territory in the Atlantic Ocean, is an increasingly crypto-friendly nation. This month, the government announced it is testing a stablecoin. A proposed bank, Jewel, is working on becoming the first bank for digital assets on the archipelago.

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin60,613 0.18 % 3.55 % 2.63 %
Ethereum2,159.2 0.29 % 3.48 % 1.18 %
Binance Coin481.19 0.25 % 11.90 % 42.81 %
Tether0.9995 0.07 % 0.13 % 0.11 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.220 0.58 % 0.65 % 2.83 %
XRP1.150 1.63 % 12.10 % 90.40 %
Uniswap30.25 0.17 % 0.48 % 0.57 %
Litecoin231.69 0.30 % 1.99 % 9.36 %
Chainlink32.52 0.84 % 0.14 % 0.50 %