BlackRock to list Ethereum ETF on Brazilian Stock Exchange to meet strong demand in Brazil
According to local media reports in Brazil, the asset management giant BlackRock's Ethereum spot ETF ETHA, will soon be listed on the Brazilian B3 stock exchange today, the 28th, under the code "ETHA39" in the form of depositary receipts.
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BlackRock's ETHA Listed on Brazilian Stock Exchange
Reports indicate that BlackRock will list its Ethereum spot ETF, ETHA, on the Brazilian B3 exchange with the code "ETHA39."
Each unit of ETHA39 is expected to be one-third the value of the original ETHA fund unit, so the price in the Brazilian market is expected to range between 40 and 50 Brazilian Real (BRL).
Additionally, the management fee for BDR is 0.25%, with no management fee in the first year, and a discounted management fee of 0.12% within the first $2.5 billion in assets under management (AUM).
As this ETF is issued overseas, it will be traded in the form of Brazilian Depositary Receipts (BDR) in Brazil.
Nicolas Gomez, Head of Latin America ETF Investments at BlackRock, emphasized that this move meets Brazil's strong demand for crypto ETFs:
The launch of ETHA39 allows investors direct exposure to the two largest cryptocurrencies by market capitalization.
BlackRock's Cryptocurrency ETFs Gaining Popularity
Clearly, the launch of ETHA39 follows BlackRock's footsteps in January with the Bitcoin spot ETF IBIT39 in the U.S. and listing in Brazil in March, both ETFs trading on the B3 exchange.
Cristiano Castro, Director of BlackRock Brazil, stated:
The launch of ETHA39 expands the range of digital assets available and simplifies the process for investors to support a wide and diverse range of blockchain assets.
BlackRock's IBIT, as the largest Bitcoin ETF by scale, officially surpassed Grayscale's GBTC in May, managing over $22.2 billion worth of Bitcoin, solidifying its position as a market leader.
Institutional Love for ETFs! BlackRock's BTC Holdings Nearing 350,000 Coins, Could Surpass Satoshi Nakamoto by Year's End?
Continued Growth in Cryptocurrency Investment Interest in Brazil
As the seventh-largest market globally, research firm Kaiko mentioned in a report in May the rapid growth of the cryptocurrency market in Brazil, with trading volume in the local currency, the Brazilian Real (BRL), increasing by 30% compared to the same period last year, a growth rate significantly higher than that of USD trading volume:
To date, in terms of fiat trading volume, Brazil has become the largest cryptocurrency market in Latin America.
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 growing interest of Brazilian citizens in investment tools based on cryptocurrencies.
Brazilian Securities Commission Approves Second Solana Spot ETF, Analysts: Zero Chance of Approval in the U.S.