BlackRock Launches iShares Ethereum Trust (ETHA) via BDR on B3 Stock Exchange in Brazil

This follows the successful introduction of BlackRock’s Bitcoin ETF (IBIT39) in the country, marking another significant step in making crypto assets

BlackRock has officially launched its iShares Ethereum Trust (ETHA) in Brazil through a share receipt (BDR) on the B3 stock exchange. This move follows the successful launch of BlackRock's Bitcoin ETF (IBIT39) in the country.

The iShares Ethereum Trust, trading under the ticker ETHA39, will cater to both retail and institutional investors in Brazil. The ETF's initial trading price is expected to range between R$40 and R$50, which is about one-third of the value of the original asset that backs the BDR.

The management fee for the ETF will be 0.25% per year, aligning with the fee structure in the United States. 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%.

This launch comes amid increasing demand for crypto-related products in Brazil. BlackRock's director in the country, Cristiano Castro, highlighted this trend, pointing out the success of the iShares Bitcoin Trust as an indication of the growing interest in crypto assets.

According to Castro, the strategy is to meet this demand by facilitating access to digital products within the capital market.

Before being launched in Brazil by BlackRock, the original iShares Ethereum Trust was launched in the United States in June 2024. It quickly became the most liquid cryptocurrency fund, with 80% of its trading volume coming from individual investors.

The Brazilian market has seen a significant rise in crypto trading, with 15 ETFs or BDRs now linked to digital assets. Multi-asset funds are also available in Brazil.

However, given BlackRock's reputation and the established governance for its products, ETHA39 is expected to attract investors despite the presence of other options in the market.

This launch further solidifies Brazil's status as a key market for crypto investments, with nearly 180,000 investors holding crypto products valued at approximately R$5.5 billion. As the demand for digital assets continues to grow in the country, BlackRock's Ethereum ETF is set to play a significant role in the evolving landscape of Brazil's financial market.

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