According to local media reports in Brazil, asset management giant BlackRock’s Ethereum spot ETF (ETHA) will be listed on the Brazilian B3 stock exchange today (28) under the code “ETHA39” and depositary receipts.
BlackRock ETHA listed on Brazilian stock exchange
Reports indicate that BlackRock will list its Ethereum spot ETF (ETHA) on Brazil’s B3 exchange under the code “ETHA39.”
ETHA: Currently the third largest Ethereum spot ETF, with approximately $860 million in assets under management
It is reported that the value of each share of ETHA39 will be one-third of the value of each share of the original ETHA fund, so the price in the Brazilian market is expected to fall between 40 and 50 BRL.
In addition, BDR’s management fee is 0.25%, the management fee is waived in the first year, and within the first $2.5 billion in assets (AUM), the management fee is reduced to 0.12%.
Meanwhile, since the ETF is issued overseas, it will trade in the form of Brazilian Depositary Receipts (BDRs).
Nicolas Gomez, head of Latin America ETF investments at BlackRock, emphasized that the move meets strong demand for crypto ETFs in Brazil:
With the launch of ETHA39, investors now have direct exposure to the two largest cryptocurrencies by market capitalization.
BlackRock Cryptocurrency ETF Is Popular
Obviously, the launch of ETHA39 follows in the footsteps of BlackRock’s Bitcoin spot ETF (IBIT39), which was launched in the United States in January and listed in Brazil in March. Both ETFs are traded on the B3 exchange.
Cristiano Castro, director of BlackRock Brazil, said:
The launch of ETHA39 expands the offering of digital assets and simplifies the process for investors to support a broad and diverse range of blockchain assets.
As the largest Bitcoin ETF, BlackRock's IBIT officially overtook Grayscale's GBTC in May this year, managing more than $22.2 billion in Bitcoin, and has become the market leader.
(Institutions love ETFs! BlackRock’s BTC holdings are approaching 350,000, and is it expected to surpass Satoshi Nakamoto before the end of the year?)
Crypto investment interest in Brazil continues to grow
As the seventh largest market in the world, the research organization Kaiko mentioned the rapid growth of the Brazilian crypto market in a report in May this year. The volume of cryptocurrency transactions denominated in the local legal currency BRL has increased compared with the same period last year. 30%, the growth rate is much higher than the US dollar trading volume:
By far, Brazil is currently the largest crypto market in Latin America in terms of fiat currency trading volume.
Earlier this month, the Brazilian Securities and Exchange Commission (CVM) approved two Solana spot ETFs from asset management companies Hashdex and QR Asset, indicating the Brazilian people’s growing interest in cryptocurrency-based investment tools.
(Brazilian Securities Regulatory Commission approved the second Solana spot ETF, analysts: there is zero chance of U.S. approval)
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