In a positive development for crypto investors in Brazil, BlackRock has launched its ether ETF in one of the stock exchanges of the country.
Local news reports in Brazil have confirmed the launch of BlackRock’s ether ETF in the country. The asset manager launched it on the B3 stock exchange in Brazil. With the launch, both retail and institutional investors will now be able to invest in it.
However, BlackRock has listed the ETF using a depository receipt. It is a negotiable security issued by a bank or financial institution representing a specified number of shares of a foreign company. These shares are held by the depository institution in another country, often where the company is headquartered.
The asset manager will charge half its usual management fees until the AUM of the ETF reaches $2.5 billion. Moreover, BlackRock launched the ether ETF just a few months after it did for its spot Bitcoin ETF as well.
A representative of BlackRock was quoted, “[IBIT] is the fastest-growing ETF in history over a three-month period. This shows that there was pent-up demand for the product. BlackRock’s strategy is to meet this demand and make it easier for investors to access these digital products within the capital market.”
Regulators in Brazil have generally been appreciative of crypto-based investment products. It also approved a Solana ETF just days ago.
At the same time, the spot crypto ETFs in the US have become a beacon of trust for crypto investors. These crypto ETFs currently comprise both Bitcoin and ether ETFs. With several benefits for the industry, the ETFs are likely going to record a level of maturity for the crypto market.
Check out Millionero’s blog for the latest crypto updates!