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The first-ever bitcoin exchange-traded fund (ETF) to receive regulatory approval in Latin America is reportedly set to go live in Brazil this summer.

QR Capital, the parent of Brazilian blockchain asset management company QR Asset Management, announced the ETF launch today and indicated that the product would be listed on Brazilian stock exchange B3. According to a translated report from CNN Brasil, it should be listed by June and it will be referenced in the bitcoin index of the Chicago Mercantile Exchange’s (CME) futures contracts.

“QR Asset Management received a guarantee from the Brazilian Securities and Exchange Commission to launch its bitcoin ETF at B3,” according to the report. “The primary offer of the assets, estimated at around 500 million [real], will be for qualified investors.”

The announcement comes as more institutional investors have been pouring into bitcoin, frequently allocating their treasury reserve assets into BTC for fear that the U.S. dollar’s inflation is eroding their stockpiles. This, in conjunction with an ongoing price bull run, growing mainstream retail adoption and more Bitcoin functionality being built, are all combining to derisk bitcoin as an asset — a trend that is clearly propelling the growth of bitcoin ETFs.

North America saw its first regulatorily-approved ETF launch in Canada last month, which promptly broke records in its first week. Meanwhile, multiple firms are attempting to launch a bitcoin ETF for the U.S. With this latest announcement from Brazil adding to the ongoing momentum, it appears that a U.S.-approved bitcoin ETF is imminent.