365Crypto
BlackRock has expanded its crypto product offerings in Brazil by launching the iShares Ethereum Trust (ETHA) as an exchange-traded fund (ETF) through a depositary receipt on the Brazilian stock exchange, B3. This move follows the success of its iShares Bitcoin Trust in the country, highlighting growing local demand for crypto assets. The ETHA ETF, traded under the ticker ETHA39, is available to both retail and institutional investors in Brazil.
A depositary receipt represents shares in a foreign company or fund and is traded in the local currency. BlackRock’s ETHA ETF shares are priced at one-third of their original value, making it more accessible to Brazilian investors. The management fees are set at 0.25% per year, but during the first year or until the fund reaches $2.5 billion in assets under management, fees will be reduced to 0.12%.
Brazil has been a pioneer in allowing crypto-tied products on its stock exchange, with the introduction of 15 ETFs or depositary receipts offering exposure to digital assets. BlackRock’s move aligns with the country’s increasing appetite for cryptocurrency investments. In 2024, Brazil’s crypto trading volume surged to $6 billion in just the first five months, a 30% increase from the previous year.
With the launch of this new Ether ETF, BlackRock continues to meet the rising demand for digital assets in Brazil’s capital market, further solidifying its presence in the global crypto industry.
