Brazil Leads Crypto ETF Race With New Hybrid Bitcoin/Gold Product
Sao Paulo skyline view from the swimming pool at the Unique Hotel in Sao Paulo, Brazil. (Photo by ... More Paulo Fridman/Corbis via Getty Images)
Hashdex, the Rio de Janeiro-based crypto asset manager, is teaming up with Buena Vista Capital to launch a hybrid bitcoin and gold exchange-traded fund on Brazil’s B3 stock exchange.
The new offering advances Brazil’s status as a global leader in the cryptocurrency ETF sector. When GBTC11, as the product will be known (not to be confused with Grayscale GBTC Trust in the US), goes live on July 29, Brazil’s B3 exchange will boast 22 ETFs that offer full or partial exposure to crypto assets.
GBTC11 will track the FTSE Bitcoin and Gold Risk Weighted Index and is designed to be a unique blend of two assets that are heavily sought after in volatile economic climates. Allocations will be adjusted dynamically with gold exposure increasing during crypto market downturns, and bitcoin exposure increasing when gold is in a lull period.
With an estimated initial share price of R$30 (US$5.52) and a management fee of 0.98% annually, the GBTC11 will offer portfolio protection and growth potential to both small and large investors alike.
Renato Nobile, founder and portfolio manager at Buena Vista Capital, said in a statement:
“Our proposal with GBTC11 was to transform a thesis that is well-established among global institutional investors into an accessible alternative for local investors. It is a product that translates, with simplicity and discipline, a sophisticated strategy of diversification and preservation of value.”
Henry Oyama, director of investment strategies at Hashdex, said:
“In a scenario of uncertainty, GBTC11 offers a sophisticated response to the investor. By combining exposure to two assets – one recognized for its resilience in adverse economic cycles and another emerging one, Bitcoin, which has shown great growth and global acceptance – we deliver a robust tool not only for wealth preservation, but also with potential of appreciation. All of this with the security of governance, liquidity and regulation.”
While Brazil represents a small percentage of total cryptoassets under management globally, its capital markets infrastructure in the segment - as evidenced by these ETFs -are remarkably complex.
These funds have 180,000 investors, with daily transaction volume averaging R$50 million (US$9.1 million) and total assets under management surpassing R$5 billion (US$920 million).
Other longer-standing products include Hashdex’s HASH11, which features a weighted basket of cryptocurrencies, and other single asset funds focusing on bitcoin and Ethereum have been around since the 2021.
In September 2024, Brazil became the first country to approve single asset Solana ETFs. Hashdex and QR Asset subsequently became the first in the world to launch these products. In April of this year, Hashdex launched the world’s first XRP ETF.
In June 2025, the B3 exchange launched trading of Ethereum and Solana futures contracts.
As investors globally continue to look for heightened exposure to crypto assets in a regualted and institutional-grade manner, Brazil stands out as a trailblazer.
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