BlackRock is poised to revolutionize Brazil’s cryptocurrency landscape with the launch of the country’s inaugural spot Bitcoin ETF, the iShares Bitcoin Trust BDR (IBIT39), marking a significant milestone in the nation’s financial history.
Set to debut on March 1 on Brazil’s principal stock exchange, B3, the iShares Bitcoin Trust Brazilian Depositary Receipts (BDR) will initially be available to qualified investors. Plans are underway to expand access to retail investors, pending the green light from regulatory bodies.
In a statement to InfoMoney, BlackRock Brazil Country Manager Karina Saade shared insights into the ETF’s introduction, underscoring its aim to provide investors with regulated access to Bitcoin. This move aligns with BlackRock’s strategic efforts to broaden the digital asset investment landscape in Brazil.
“Our digital asset journey has been underpinned by the goal of providing high-quality access vehicles to investors,” Saade explained, highlighting IBIT39 as a key development in BlackRock’s digital asset initiatives.
Saade emphasized that the introduction of BlackRock’s products in the digital asset space, including in the United States and Brazil, is a response to the increasing investor interest in cryptocurrencies rather than an endorsement of crypto. The focus remains on offering safe and transparent investment products without specific recommendations or expectations regarding Bitcoin itself.
The IBIT39 ETF is designed to mirror the price performance of Bitcoin, featuring a competitive management fee of 0.25%, which will be halved to 0.12% for the first year for assets under management up to $5 billion.
Highlighting the growth of the crypto ETF market, B3’s Interest and Currency Products Superintendent Felipe Gonçalves noted that the market, though nascent, has shown significant promise. Since its inception in 2021, it now boasts 13 ETFs with assets totaling R$2.5 billion.
As BlackRock sets the stage for a new chapter in Brazil’s cryptocurrency journey with IBIT39, the financial sector watches closely, anticipating the impact of this pioneering venture on investment trends and digital asset accessibility.
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