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BlackRock’s Spot Bitcoin ETF to start trading in Brazil tomorrow

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BlackRock’s spot Bitcoin exchange-traded fund (ETF) is set to debut in Brazil tomorrow, according to a report from Brazil’s largest financial market news platform, InfoMoney. The launch follows BlackRock’s announcement that Brazilian depository receipts (BDRs) of its iShares Bitcoin Trust ETF (IBIT39) will begin trading on Friday on B3, the Brazilian exchange, according to the report.

“Our digital asset journey has been underpinned by the goal of providing high-quality access vehicles to investors,” said Karina Saade, President of BlackRock in Brazil. “IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established to date in the digital asset market.”

IBIT39 will initially be available to qualified investors, with retail access expected to follow in the coming “weeks”. The management fee for IBIT39 is set at 0.25%, with a one-year waiver and a reduction to 0.12% after reaching $5 billion in assets under management.

In the United States, where spot Bitcoin ETFs were allowed by regulators in January, BlackRock’s Bitcoin ETF has become the most popular option, accumulating more than $9 billion in assets since its launch. According to Bloomberg data, BlackRock’s ETF attracted a record inflow of $612 million in a single day yesterday.

Despite the success of Bitcoin ETFs, Saade emphasized that BlackRock’s launch in Brazil and the United States is not an endorsement of Bitcoin itself but rather a recognition of its relevance as an asset class. “Our goal is to serve our customers with safe and transparent products. We have no recommendations or expectations regarding Bitcoin itself,” Saade explained.

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