In an effort to expand the cryptocurrency market in Brazil, BlackRock is launching the iShares Bitcoin Trust BDR (IBIT39), the first Bitcoin-listed fund in the country.
The iShares Bitcoin Trust Brazilian Depository Receipts (BDR), is initially available to qualified investors, but plans to expand its availability to retail investors after regulatory approval.
BlackRock’s director in Brazil shares insights
According to InfoMoney, BlackRock Brazil country director Karina Saade revealed the launch of an ETF to provide investors with regulated access to Bitcoin, highlighting the strategic expansion of investment in digital assets in Brazil.
Saade said: “We base our digital asset journey on the goal of providing investors with high-quality access tools.” “IBIT39 builds on the core capabilities we have developed to date in the digital asset market and is a natural progression of our long-standing efforts.”
Saade expressed her belief in the potential of technology and that today all investors – individuals – can build a portfolio based solely on ETFs.
Saade said that BlackRock ‘s latest products in the United States and Brazil should not be seen as supporting cryptocurrencies. On the contrary, she confirmed growing investor interest in this type of asset.
“Our goal is to provide customers with products that are safe and simple to understand. We have no suggestions or expectations about Bitcoin itself,” Saade added.
IBIT39 includes a management fee of 0.25%, which will be reduced to 0.12% in the first year after $5 billion in assets under management(AUM). IBIT39’s structure reflects Bitcoin’s price behavior.
