BlackRock’s Bitcoin ETF Set to Launch in Brazil Tomorrow

BlackRock, one of the world’s largest asset management firms, is set to launch its spot Bitcoin exchange-traded fund (ETF) in Brazil tomorrow, marking a significant milestone in the country’s cryptocurrency market. The news comes after BlackRock announced that the Brazilian Depositary Receipts (BDRs) of its iShares Bitcoin Trust ETF (IBIT39) will begin trading on B3, Brazil’s stock exchange, on Friday.

Karina Saade, president of BlackRock in Brazil, expressed excitement about the launch, stating, “Our digital asset journey has been underpinned by the goal of providing high-quality access vehicles to investors. 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.”

Initially, IBIT39 will be available to qualified investors, with retail access expected to follow in the coming weeks. The management fee for IBIT39 is set at 0.25%, with a one-year waiver and a reduction to 0.12% after reaching $5 billion in assets under management.

In the United States, where Bitcoin spot ETFs were approved by regulators in January, BlackRock’s Bitcoin ETF has become the most popular option, accumulating over $9 billion in assets since its launch. Bloomberg data shows that BlackRock’s ETF attracted a record $612 million of inflows in a single day recently.

Despite the success of Bitcoin ETFs, Saade emphasized that BlackRock’s launch in Brazil and the United States does not signify an endorsement of Bitcoin itself but rather a recognition of its relevance as an asset class. She stated, “Our goal is to serve our customers with safe and transparent products. We have no recommendation or any expectations regarding Bitcoin itself.”

The launch of BlackRock’s spot Bitcoin ETF in Brazil is expected to further legitimize the cryptocurrency market in the country and provide investors with more opportunities to access digital assets through regulated channels. As the cryptocurrency industry continues to evolve, the introduction of ETFs like IBIT39 could pave the way for increased mainstream adoption of Bitcoin and other cryptocurrencies in the global financial landscape.