BlackRock's Spot bitcoin Exchange Traded Fund (ETF) Is Set to Debut in Brazil Tomorrow, According to a bitcoin-da-blackrock-chega-ao-brasil-com-bdr-na-b3/”>report from the largest news platform in Brazil's financial market, InfoMoney. The launch follows BlackRock's announcement that the Brazilian Depository Receipts (BDR) of its iShares bitcoin Trust ETF (IBIT39) will begin trading on B3, Brazil's stock exchange, on Friday, according to the report.
“Our journey into digital assets has been underpinned by the goal of providing high-quality access vehicles to investors,” said Karina Saade, president of BlackRock in Brazil. “IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.”
IBIT39 will initially be available to qualified investors, with retail access expected to follow in the coming “weeks.” The IBIT39 management fee is set at 0.25%, with a one-year exemption and a reduction to 0.12% after reaching $5 billion in assets under management.
In the United States, where regulators approved bitcoin spot ETFs in January, BlackRock's bitcoin ETF has become the most popular option, amassing more than $9 billion in assets since its launch. According to Bloomberg data, the BlackRock ETF yesterday attracted a record $612 million in inflows in a single day.
Despite the success of bitcoin ETFs, Saade emphasized that BlackRock's launch in Brazil and the United States does not constitute an endorsement of bitcoin itself, but rather a recognition of its relevance as an asset class. “Our goal is to serve our customers with safe and transparent products. We do not have any recommendations or expectations regarding bitcoin itself,” Saade explained.
