**BlackRock Expands Crypto Offerings in Brazil with New Ethereum ETF**
BlackRock is broadening its crypto horizons by launching an Ethereum exchange-traded fund (ETF) in Brazil. As of August 28, the iShares Ethereum Trust (ETHA) is available on Brazilâs B3 stock exchange under the ticker ETHA39.
- **Whatâs a Depositary Receipt?** Itâs a security representing shares in a foreign company, traded in local currency and backed by the original asset.
- **Pricing and Fees:** Shares will be priced at one-third of their original value, with management fees set at 0.25% annually. For the first year, or until the ETF hits $2.5 billion in assets, fees drop to 0.12%.
This move follows BlackRockâs recent introduction of its iShares Bitcoin Trust in Brazil. Cristiano Castro, BlackRock's director in Brazil, highlighted the growing demand for crypto assets in the country.
Brazil is a pioneer in allowing crypto-tied products on its stock exchange. With BlackRockâs new fund, Brazilian investors now have access to 15 ETFs or depositary receipts linked to digital assets. Local regulators also recently approved the worldâs first spot Solana-based ETF, set to launch soon.
Crypto trading in Brazil is booming, with 180,000 investors holding nearly $1 billion in crypto products and a trading volume of $6 billion in the first five months of 2024, up 30% from last year.
