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BlackRock to Launch Brazil’s First Bitcoin ETF on March 1

BlackRock aims to broaden Brazil’s cryptocurrency market by launching the country’s first spot Bitcoin exchange-traded fund (ETF), known as the iShares Bitcoin Trust BDR (IBIT39).

This ETF is scheduled to debut on March 1st on Brazil’s main stock exchange, B3. Initially available to qualified investors, plans are underway to make it accessible to retail investors pending regulatory approval.

BlackRock Brazil Director Shares Insights

According to InfoMoney, Karina Saade, BlackRock Brazil’s Country Manager, disclosed the launch and outlined the ETF’s objective to provide investors with regulated access to Bitcoin. This underscores the strategic expansion of digital asset investments in Brazil.

“Our journey into digital assets has always been about offering investors high-quality access channels,” stated Saade. “IBIT39 represents a natural progression of our efforts over many years and builds upon the foundational capabilities we’ve established in the digital asset market.”

Saade emphasized, “We believe in the potential of technology, and today, it’s feasible for all investors, including individuals, to construct a portfolio exclusively with ETFs.”

However, Saade clarified that BlackRock’s recent product offerings in both the United States and Brazil should not be interpreted as an endorsement of cryptocurrencies. Instead, they reflect the increasing interest among investors in this asset class.

“Our objective is to provide our clients with secure and transparent products. We don’t have any specific recommendations or expectations regarding Bitcoin itself,” Saade affirmed.

IBIT39 is designed to replicate the price performance of Bitcoin and carries a management fee of 0.25%. This fee will be reduced to 0.12% for the first year on the initial $5 billion in assets under management (AUM).

Growing Crypto ETF Market

“The listed crypto market began in 2021, and as of now, we have 13 ETFs. It’s a relatively new market, yet it already holds assets worth R$2.5 billion,” stated Felipe Gonçalves, B3’s Interest and Currency Products Superintendent.

“It commenced with robust volumes, experienced some fluctuations over two years, and by the end of last year, daily trading volumes reached R$30 million,” added Gonçalves.

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