BlackRock is set to debut its Ethereum exchange-traded fund (ETF) on Brazil’s B3 stock exchange on Wednesday, marking its introduction as a Brazilian Depositary Receipt (BDR). A BDR is a certificate representing shares of foreign companies traded in Brazil.
The new ETF, branded ETHA39, follows the launch of BlackRock’s iShares Ethereum Trust (ETHA) ETF in the U.S. just a month ago, as reported by local media Portal do Bitcoin. ETHA39 will be traded on B3, Brazil’s main stock exchange.
This launch comes after BlackRock introduced its iShares Bitcoin Trust ETF (IBIT) in Brazil earlier this year. Launched in March under the ticker IBIT39, the Bitcoin ETF began trading with a reduced fee of 0.12% for its first year. The ETHA39 ETF is anticipated to trade between R$40 and R$50, based on market conditions.
Nicolas Gomez, Head of ETFs at BlackRock for Latin America, stated, “The launch of ETHA39 now provides investors with access to the two largest cryptocurrencies by market capitalization.” Cristiano Castro, Director of BlackRock in Brazil, emphasized that the new ETF will simplify access to Ethereum for investors and noted its potential to support a broad range of blockchain applications.
Brazil’s Solana ETFs Gain Traction; BlackRock Remains Focused on Bitcoin and Ethereum
In addition to Ethereum, Brazil has recently seen a rise in interest for Solana-based ETFs. The country’s Securities and Exchange Commission (CVM) approved two Solana ETFs in August, from asset managers QR Asset and Hashdex.
However, BlackRock is not currently pursuing a Solana ETF. Samara Cohen, Chief Investment Officer of ETF and Index Investments at BlackRock, told Bloomberg that the firm is focused on “investability” and client demand. “At the moment, both Bitcoin and Ethereum meet our criteria for ETFs. It may be some time before we consider other cryptocurrencies for ETF offerings,” Cohen said.