BlackRock to Launch IBIT in Brazil
Leading investment asset management company BlackRock is moving very quickly on its spot Bitcoin ETF journey as the company is currently targeting Brazil as the next country to launch its flagship BTC fund, IBIT.
BlackRock Spot Bitcoin ETF Will Expand to Brazil
Less than two months after receiving approval from the United States Securities and Exchange Commission (SEC) and launching its spot Bitcoin ETF, BlackRock is expanding its offering to Brazil. BlackRock plans to achieve this success by collaborating with the country’s stock exchange operator B3. Significantly, this will be the asset manager’s first crypto ETF in the South American country.
The expansion is a clear indication that BlackRock’s entry into the Bitcoin ETF niche is bringing tangible results, marked by IBIT’s Asset Under Management (AUM). Approaching the $10 billion benchmark. Karina Saade, president of BlackRock in Brazil, confirmed the move.
“Our digital asset journey is underpinned by the goal of providing investors with high-quality access tools. “IBIT39 is a natural progression of our many years of efforts and builds on the core capabilities we have built so far in the digital asset market,” he said.
BlackRock Records a Big flow
February 27 saw a strong inflow of $577 million into the spot Bitcoin ETF market, with only the BlackRock iShares Bitcoin ETF included in that figure. There was an inflow of 520 million dollars. Similarly, IBIT also sets a new personal record With a trading volume of $1.3 billion, it exceeds the daily trading volume of most major U.S. stocks.
Spot Bitcoin ETF trading for Brazil is scheduled to begin on Friday, but will only be open to eligible investors, i.e. investors with investments of more than R$1 million. According to a note from the company, the offering will be available to retail investors in a few weeks. Bitcoin ETF will trade under the ticker symbol IBT39 and be listed on the Brazilian Stock Exchange – B3.
Like the BlackRock spot Bitcoin ETF in the US, the Brazil ETF will track Bitcoin’s performance. would also be 0.25% management fee The one-year exemption reduces the fee to 0.12% on the first $5 billion of assets under management (AUM). BlackRock’s product is described as Brazilian Depositary Receipts (BDR) because the asset will be issued in Brazil and backed by shares abroad.
These BDRs are certificates representing shares issued by companies in other countries but traded in Brazil.
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