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COINTURK NEWS > Bitcoin (BTC) > BlackRock Launches Bitcoin ETF in Brazil
Bitcoin (BTC)

BlackRock Launches Bitcoin ETF in Brazil

In Brief

  • Spot Bitcoin ETFs trigger Bitcoin's continued rise, now in Brazil.

  • BlackRock's iShares Bitcoin Trust ETF debuts with Brazil's B3.

  • ETF targets Bitcoin performance, with a 0.25% management fee.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Spot Bitcoin ETFs, the catalyst for the ongoing rise in Bitcoin price, are now being traded in another country. Over time, we will see a significant increase in the number of investors using ETF channels to invest in Bitcoin as this spreads to many more regions. Let’s discuss what you need to know about the Bitcoin ETF launched in Brazil by BlackRock.

Contents
BlackRock and BrazilBrazil and Crypto

BlackRock and Brazil

BlackRock, the world’s largest asset manager, received approval from the SEC last month for a spot Bitcoin ETF, along with others. Today, in partnership with the country’s stock exchange operator B3, it launched the iShares Bitcoin Trust ETF. The same ETF that is issued in the USA is now also launched in Brazil.

The company emphasized in a statement to Bitcoin Portal that this is the first Bitcoin ETF in the country and that it has been launched (for now) only for qualified investors. Soon, all investors, regardless of their capital, will be able to buy and sell this ETF.

The product will trade under the code IBT39 and will be listed on B3. The ETF aims to track the performance of Bitcoin. The management fee will be 0.25%.

Brazil and Crypto

Cryptocurrencies are attracting intense interest in emerging countries fighting inflation, and Brazil is one of them. Many people from middle and lower income groups looking for quick gains are investing in cryptocurrencies.

However, there is one thing that remains unchanged for investors in all countries. Risks such as exchange hacks and cyber attackers are the most significant concerns for investors. The potential bankruptcy risks that exchanges could face after the FTX collapse are also of the kind that can cause sleepless nights.

Therefore, we see strong demand as traditional finance begins to offer crypto services for individual and institutional investors. Investors who do not want to risk their assets prefer to trust giants like BlackRock, which offer very reasonable management fees for ETFs.

BlackRock Brazil President Karina Saade said the following about the recent development;

“Our crypto journey is supported by the goal of providing investors with high-quality access tools. IBIT39 is a natural progression of our efforts over the years and is built on the foundational capabilities we have established in the crypto asset market to date”.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 29 February, 2024 - 7:16 pm 29 February, 2024 - 7:16 pm
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