BlackRock’s Spot Bitcoin ETF to Start Trading in Brazil Tomorrow

The BlackRock spot Bitcoin exchange-traded fund (ETF) is scheduled to debut in Brazil tomorrow, according to a report from InfoMoney, Brazil’s largest financial markets news platform. The launch follows BlackRock’s announcement that the Brazilian Depositary Receipt (BDR) of the iShares Bitcoin Trust ETF (IBIT39) will begin trading on the Brazilian stock exchange B3 on Friday, according to the report.

“Our digital asset journey is underpinned by the goal of providing investors with high-quality access,” said Karina Saade, President of BlackRock Brazil. She said: “IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established in the digital asset market to date.”

IBIT39 will initially be available to qualified investors, with retail access expected to follow in the coming “weeks.” IBIT39’s management fee is set at 0.25%, which after a one-year waiver will be reduced to 0.12% once assets under management reach $5 billion.

In the United States, where Bitcoin spot ETFs were liquidated by regulators in January, BlackRock’s Bitcoin ETF has emerged as the most popular option, accumulating more than $9 billion in assets since launch. BlackRock’s ETFs attracted a record $612 million in single-day inflows yesterday, according to Bloomberg data.

Despite the Bitcoin ETF’s success, Saade emphasized that BlackRock’s Brazil and US launches are not an endorsement of Bitcoin per se, but rather an acknowledgment of its relevance as an asset class. He said, “Our goal is to provide our customers with safe and transparent products. We do not make any recommendations or expectations about Bitcoin itself,” Saade explained.