BlackRock has introduced its Ethereum Exchange-Traded Fund (ETF) with the ticker symbol ETHA39 on Brazil’s B3 stock exchange.
This enables Brazilian investors to gain exposure to Ethereum by investing in Brazilian Depositary Receipts (BDRs). This action represents a noteworthy advancement in the worldwide use of crypto, establishing Brazil as a leader in this emerging phenomenon.
ETHA39 is a Brazilian extension of BlackRock’s iShares Ethereum Trust (ETHA) that enables investors in Brazil to invest in Ethereum through BDRs on the B3 stock exchange.
Each BDR corresponds to a fraction of ETHA’s shares and is traded at prices ranging from R$40 to R$50 ($7.26 to $9.07). The ETF has an annual management fee of 0.25%, which is now reduced to 0.12% for the first $2.5 billion in assets for one year.
BlackRock’s ETHA has achieved a significant milestone by being the first Ethereum ETF to attract $1 billion in net inflows. It has outperformed its competitors, including Fidelity’s FETH, Bitwise’s ETHW, and Grayscale’s ETH.
As of now, it possesses a total of $860 million in net assets and is positioned inside the top five ETFs in terms of inflows in 2024. BlackRock has launched a spot Bitcoin ETF in Brazil called IBIT39, which functions as the BDR version of BlackRock’s Bitcoin ETF, alongside Ethereum.
Although Brazil has achieved success, Ethereum ETFs in the United States encounter difficulties, as US Ethereum ETFs have witnessed a net outflow of $3.45 million.
Brazil further established its dominance in the field of ETFs by introducing the inaugural Solana ETF on the B3 stock exchange in August.
