BlackRock's Spot Bitcoin ETF Starts Trading in Brazil

Crypto

MARKET_WATCH

BlackRock's iShares Bitcoin Trust ETF (IBIT), by far the most successful of the 10 spot bitcoin exchange-traded funds, started trading on the Brazilian stock exchange B3, the company said. The asset manager announced the expansion on Thursday.

"This is another opportunity for investors to include exposure to Bitcoin in their portfolios,” Felipe Gonçalves, B3's superintendent of interest and currency products, said in a statement. “The growing interest in the crypto market by investors from all over the world has sparked a search for options in the Brazilian capital market as well.”

IBIT has lured over $7 billion in net investment since it and the other nine spot bitcoin ETFs started trading in the U.S. on Jan 11 – the highest inflow in the group.

Similar to the U.S.-based product, the Brazilian version of the fund, called the iShares Bitcoin Trust BDR ETF, has a 0.25% management fee, which will be reduced to 0.12% for the first year or until the fund reaches $5 billion in assets.

Source : CoinDesk / Mar 2, 2024

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