Summary
BlackRock is set to launch a Bitcoin spot ETF in Brazil, with trading beginning tomorrow on the country’s stock exchange. The ETF will initially be available to qualified investors, with retail access expected in the coming weeks. The management fee is set at 0.25% with a one-year waiver and a reduction to 0.12% after reaching $5 billion in assets under management. Despite the success of Bitcoin ETFs in the US, BlackRock’s launch in Brazil and the US is not an endorsement of Bitcoin but a recognition of its relevance as an asset class.
Key Points
1. BlackRock’s spot Bitcoin exchange-traded fund (ETF) is set to debut in Brazil, with the Brazilian Depositary Receipts (BDRs) of its iShares Bitcoin Trust ETF (IBIT39) beginning trading on B3, Brazil’s stock exchange.
2. The management fee for IBIT39 is 0.25% with a one-year waiver, reducing to 0.12% after reaching $5 billion in assets under management. Retail access is expected in the coming weeks after the initial availability to qualified investors.
3. BlackRock’s Bitcoin ETF in the United States has been highly successful, accumulating over $9 billion in assets since launch and attracting a record $612 million of inflows in a single day. BlackRock emphasizes that their launch of Bitcoin ETFs does not constitute an endorsement of Bitcoin itself, but rather a recognition of its relevance as an asset class.