BlackRock has launched its Ethereum ETF, which will begin trading in Brazil on Wednesday, August 28, 2024. The ETF will be available on the B3 stock exchange under the ticker code ETHA39, marking an expansion of BlackRock’s cryptocurrency offerings in the Brazilian market.
BlackRock Expands Crypto Offerings in Brazil
BlackRock has announced the introduction of its Ethereum ETF in Brazil, following its launch in the United States in July 2024. The ETF will be available for trading on B3, Brazil’s primary stock exchange, under the ticker ETHA39. This move comes after the success of BlackRock’s iShares Bitcoin Trust ETF (IBIT), which debuted on the same exchange earlier this year.
The ETF is structured as a Brazilian Depositary Receipt (BDR), which represents shares of the iShares Ethereum Trust (ETHA) traded in the United States. Each BDR unit will be priced between R$40 and R$50, depending on the ETF’s movement on the day before its Brazilian launch. This pricing equates to one-third of the original fund’s share value.
The ETHA39 BDR will have a management fee of 0.25%. However, BlackRock has announced that this fee will be waived for the first year, effectively reducing the cost to 0.12% for the initial US$2.5 billion in assets under management (AUM). This fee structure is designed to attract investors looking to diversify their portfolios with exposure to Ethereum.
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