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BlackRock Launches Ethereum ETF on Brazilian Stock Exchange

Aug 28, 2024

2 min read

BlackRock, the world's largest asset manager, has announced the listing of its iShares Ethereum Trust (ETHA) on Brazil's B3 stock exchange. This move marks a significant milestone for the cryptocurrency market in Latin America.

Key Takeaways

  • The ETF will trade under the ticker code ETHA39 as a Brazilian depositary receipt (BDR).

  • This follows the successful launch of BlackRock's iShares Bitcoin Trust ETF (IBIT) in March.

  • The Brazilian Securities and Exchange Commission (CVM) has also approved two Solana-based ETFs.

  • ETHA has surpassed $1 billion in cumulative net inflows in the United States.

Ethereum ETF Details

The iShares Ethereum Trust (ETHA) will be available for trading under the ticker code ETHA39. It will be listed as a Brazilian depositary receipt (BDR), a certificate representing shares of foreign companies. This allows Brazilian investors to gain exposure to Ethereum without having to deal with the complexities of owning the cryptocurrency directly.

Nicolas Gomez, BlackRock's head of ETFs, index investments, and products for Latin America, stated, "The launch of ETHA39 now allows investors to have access to the two largest cryptocurrencies by market capitalization."

Previous Success with Bitcoin ETF

In March, BlackRock's iShares Bitcoin Trust ETF (IBIT) began trading on the Brazilian stock exchange. The success of this ETF has paved the way for the introduction of the Ethereum ETF. The Brazilian market has proven to be a solid platform for institutional products, attracting significant interest from investors.

Regulatory Approvals and Market Impact

The Brazilian Securities and Exchange Commission (CVM) has recently approved two Solana-based ETFs to be listed on B3. This indicates a growing acceptance and regulatory support for cryptocurrency-based financial products in Brazil.

In August, BlackRock's ETHA surpassed $1 billion in cumulative net inflows in the United States, making it the first of 11 issuers to cross this milestone. This achievement underscores the growing interest and confidence in Ethereum as an investment asset.

Conclusion

The listing of BlackRock's Ethereum ETF on the Brazilian stock exchange is a significant development for both the cryptocurrency market and investors in Latin America. With regulatory support and growing investor interest, the future looks promising for cryptocurrency-based financial products in the region.

Sources

Aug 28, 2024

2 min read

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