#BlackRock to launch Bitcoin ETF in Brazil
BlackRock unveiled its partnership with Brazil’s B3 stock exchange to launch the iShares Bitcoin Trust ETF’s Brazilian Depositary Receipts on Thursday.
The impending launch marks BlackRock’s first foray into the Brazilian cryptocurrency ETF market, with trading set to commence for qualified investors on Friday. The ETF, initially introduced in the United States in January, will soon be accessible to retail investors in Brazil.
The Bitcoin ETF, trading under the code IBIT39, aims to replicate BTC‘s performance and introduces a management fee of 0.25%, temporarily reduced to 0.12% for the first $5 billion in assets under management. Unlike direct shares, Brazilian Depositary Receipts (BDR) lack tax exemptions akin to those for local share sales under $20,000.
