BlackRock, the world's largest asset manager, has launched its Ethereum ETF (ETHA39) on Brazil's B3 exchange ¹. This move follows the successful launch of BlackRock's Bitcoin ETF (IBIT39) in March 2024 ¹. The ETHA39 ETF will offer Brazilian investors exposure to Ethereum via Brazilian depositary receipts (BDRs) ¹.
Key Details
- Trading: ETHA39 started trading on Wednesday, August 28, 2024 ¹.
- Ticker: Listed under the ticker ETHA39 ¹.
- BDRs: Available to Brazilian investors through Brazilian depositary receipts (BDRs) traded on the B3 stock exchange ¹.
- Management Fee: 0.25% every year, but reduced to 0.12% for the first year or until the ETF amasses $2.5 billion worth of assets under management ².
- Investor Access: Provides investors with access to the two largest cryptocurrencies by market capitalization ³.
Market Impact
- Growing Demand: Reflects growing demand for cryptocurrency-related investment products in Brazil ⁴.
- Institutional Interest: Growing interest from institutional investors, likely influencing the decision to bring the ETH ETF to the Brazilian market ⁴.
- Brazilian Market: Brazilian market has shown increasing receptiveness to digital asset products, with recent approval of two Solana-based ETFs.
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