BlackRock is set to introduce its Bitcoin spot exchange-traded fund (ETF) in Brazil, marking its debut tomorrow, as reported by InfoMoney, Brazil's leading financial news outlet. 

This move comes after BlackRock announced that its iShares Bitcoin Trust ETF (IBIT39) Brazilian Depositary Receipts (BDRs) will start trading on Brazil's B3 stock exchange on March 1st.

Karina Saade, president of BlackRock in Brazil, highlighted that the company's venture into Bitcoin aims to offer investors top-notch access solutions. 

"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," Saade stated.

Initially targeting qualified investors, IBIT39 plans to extend access to retail investors shortly, within "weeks." The fund's management fee is 0.25%, with an initial one-year discount to 0.12% once it surpasses $5 billion in assets under management.

In the U.S., where regulators approved Bitcoin spot ETFs in January, BlackRock's Bitcoin ETF has become the preferred choice, amassing over $9 billion in assets since its inception. Bloomberg data revealed that the ETF saw an unprecedented $612 million in inflows in just one day.

Despite the success of its Bitcoin ETFs, Saade clarified that BlackRock's launches in both Brazil and the U.S. are not endorsements of Bitcoin but rather acknowledgments of its significance as an asset class. 

"Our goal is to serve our customers with safe and transparent products. We have no recommendation or any expectations regarding Bitcoin itself," Saade noted.

Share this article
The link has been copied!