BlackRock has announced the launch of its Ethereum ETF in Brazil. Trading will begin on August 28, 2024, on the B3 stock exchange under the ticker ETHA39.
Launch of Ethereum ETF in Brazil
BlackRock has announced the launch of its Ethereum ETF in Brazil on the B3 stock exchange. This move follows the successful debut of the iShares Bitcoin Trust ETF (IBIT) earlier this year.
Structure and Cost of ETF
The ETF will be structured as a Brazilian Depositary Receipt (BDR), representing shares of the iShares Ethereum Trust (ETHA) traded in the United States. Each BDR unit will be priced between R$40 and R$50, equating to one-third of the original fund’s share value.
Management Fee and Investor Benefits
The ETHA39 BDR will have a management fee of 0.25%. However, BlackRock has announced that this fee will be waived for the first year, effectively reducing the cost to 0.12% for the initial $2.5 billion in assets under management (AUM). This fee structure is designed to attract investors looking to diversify their portfolios with exposure to Ethereum.
The launch of the Ethereum ETF in Brazil highlights BlackRock's commitment to expanding its cryptocurrency offerings in international markets, providing investors with new diversification opportunities.
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