As Bitcoin Portal reported, Verde Asset Management’s Verde Master Multimercado fund bought R$126 million in shares of the Hashdex cryptocurrency ETF (HASH11). Verde is one of the most important fund managers in the country, and Luis Stuhlberger, the company’s creator, is considered the greatest fund manager in Brazil.
According to the publication, the amount represented 0.52% of the fund’s net worth, which under management totals R$ 24.2 billion.
Recently, the manager O3 Capital, owned by the holding company of businessman Abilio Diniz, also acquired shares of the HASH11 ETF.
For Transfero’s Director of Products and Partnerships, Safiri Felix, the investment endorses crypto assets as a diversification strategy with high return potential. “This tactical allocation of one of the Brazilian funds with the most consistent returns proves the benefits of crypto assets as a non-correlated asset in portfolio building and reinforces the asymmetric potential of the investment thesis”, he says.
Main crypto asset ETFs in the Brazilian market
Today, the Brazilian market has two large crypto assets ETFs. HASH11, managed by Hashdex, replicates the Nasdaq Crypto Index, an index created by Nasdaq’s partnership with Hashdex. It offers eight cryptocurrencies in its portfolio (bitcoin, ethereum, litecoin, chainlink, bitcoin cash, stellar, filecoin and uniswap).
In addition, QBTC11, has 100% bitcoin exposure. It is the second bitcoin ETF globally, after QBTCC, traded in Canada, and the first in Latin America. The manager of QBTC11 is QR Asset Management, and the fund uses as reference the index offered by the Chicago Mercantile Exchange (CME), which traditionally evaluates bitcoin futures contracts. Its management fee is 0.75% per year, lower than that of HASH11.