- BlackRock has launched an Ethereum ETF (ETHA39) in Brazil via BDRs on the B3 stock exchange.
- The initial transaction price is set at R$40-R$50 and the first-year fee is halved to 0.12%.
- There are currently 15 cryptocurrency-linked ETFs in Brazil.
BlackRock has expanded its portfolio of cryptocurrency products by launching the iShares Ethereum Trust (ETHA) via bond certificates (BDRs) on Brazil’s B3 stock exchange.
This marks another important step forward in making crypto assets more accessible to Brazilian investors, following the successful launch of BlackRock’s Bitcoin ETF (IBIT39) in Brazil.
The initial transaction price is between R$40 and R$50.
The iShares Ethereum Trust, trading under the ticker ETHA39, is designed for both individual and institutional investors.
The initial trading price of the ETF is expected to be between R$40 and R$50, which is approximately one-third of the value of the original assets backing the BDRs.
The ETF’s management fee is set at 0.25% per annum, which reflects the U.S. fee structure. However, during the first year of trading or until the ETF reaches $2.5 billion in assets under management (AUM), the fee will be halved to 0.12%, making it more attractive to investors.
Demand for cryptocurrency-related products in Brazil
Cristiano Castro, BlackRock Brazil director, emphasized that the launch was a response to the growing demand for cryptocurrency-related products in the country. He highlighted the success of the iShares Bitcoin Trust as evidence of this demand, noting that it became the fastest-growing ETF in history in just three months.
According to Castro, BlackRock’s strategy is to meet this demand by facilitating access to digital products within the capital markets.
Before BlackRock launched in Brazil, the original iShares Ethereum Trust launched in the U.S. in June 2024 and quickly became the most liquid cryptocurrency fund, with 80% of trading volume coming from retail investors.
The Brazilian market, which has seen significant growth in cryptocurrency trading, currently offers 15 ETFs or BDRs linked to digital assets. Despite the presence of multi-asset funds in Brazil, BlackRock’s reputation and established governance are expected to attract investors to ETHA39.
This launch highlights that Brazil is a major market for cryptocurrency investment, with approximately 180,000 investors holding approximately R$5.5 billion worth of cryptocurrency products.
As demand for digital assets continues to grow, BlackRock’s Ethereum ETF is poised to play a key role in Brazil’s changing financial market environment.