Pioneering the Path in the Americas: Strong Appetite Surfaces for Brazilian Spot Bitcoin ETFs

As U.S. Investors Anticipate Approval, Brazilian Bitcoin ETFs Garner Significant Interest

With the eagerly anticipated approval of a spot bitcoin exchange-traded fund (ETF) in the United States on the horizon, eyes turn to Brazil where an already-established market for such vehicles has been thriving for over two years. As of November 21, these Brazilian ETFs collectively manage an impressive $96.8 million in assets, with Hashdex’s Nasdaq Bitcoin Reference Price FDI (BITH11) leading the pack at $57.8 million, commanding a substantial 60% market share. In comparison, the largest national ETFs, iShares Ibovespa Index (BOVA11) and iShares BM&FBOVESPA Small Cap (SMAL11), boast $2.41 billion and $1.19 billion in assets under management (AUM) respectively. For perspective, the largest U.S. ETF, SPDR S&P 500, boasts a staggering $430 billion in AUM.

Marcelo Sampaio, the CEO and founder of Hashdex, attributes the success of bitcoin ETFs in Brazil to a combination of pro-market digital asset regulations and a growing appetite from major institutions. As investors globally track the evolving crypto landscape, the Brazilian market’s robust performance underscores the increasing prominence of digital assets in the financial mainstream.