The first exchange-traded fund (ETF) to broadly track the digital asset market has been accepted to list on the Bermuda Stock Exchange (BSX).

BSX announced last week the Hashdex Nasdaq Crypto Index ETF had been admitted to list on its trading platform.
The ETF is the brainchild of Hashdex, a Brazilian-based fund manager that has been registered with the Securities and Exchange Commission (SEC) since 2018.
An ETF is a basket of different assets bundled together and traded as a single traditional instrument. The development of such a product for crypto is considered bullish as it makes the asset class more accessible to mainstream investors.
This particular product, which will be denominated in USD, will track an index currently being developed by Nasdaq. Its composition is still under wraps, but CoinDesk understands it will give a broad exposure to the asset class.
A total of three million shares are available via private placement at $1,000 apiece. At the time of the initial announcement, 10 shares had been sold.
A number of companies have unsuccessfully tried to get the SEC to approve a bitcoin ETF for the U.S.
The SEC has expressed concern that a bitcoin ETF remains vulnerable to market manipulation. Most recently, it rejected an application from Wilshire Phoenix in February.
Like the neighboring Bahamas, Bermuda has expressed an openness to try digital assets. Earlier this month, the government announced a pilot program for a digital token that could quickly distribute financial aid to citizens.
While small compared to either the New York Stock Exchange or the Nasdaq, the BSX says its market cap is just under $300 million.
CoinDesk reached out to both Hashdex and BSX for comment but hadn't had a response at press time.
Nasdaq declined to comment.