Ethereum

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BlackRock

BlackRock is expanding its crypto product offerings overseas. On Aug. 28, the company listed its Ethereum exchange-traded fund (ETF) through a depositary receipt on Brazil’s stock exchange B3.&nbsp;
<a data-ct-non-breakable="null" href="https://www.infomoney.com.br/onde-investir/etf-de-ethereum-da-blackrock-chega-no-brasil-via-bdr-em-parceria-com-a-b3/" rel="nofollow noopener" target="_blank" text="null">According</a> to local reports, retail and institutional investors can trade the iShares Ethereum Trust (ETHA) under the ticker ETHA39 in the country.&nbsp;
A depositary receipt is a security representing shares in a foreign company or fund. It is typically traded in the local currency and backed by the original asset. As BlackRock introduces its Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="" target="_self" text="null">ETH</a>) ETF to the local market, the shares will be offered at a price equivalent to one-third of their original value.&nbsp;
Meanwhile, management fees will be set at 0.25% per year, in line with those charged in the United States. However, during the first year of trading — or until the ETF reaches $2.5 billion in assets under management — these fees will be halved to 0.12%. Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/brazil-leads-latam-crypto-trading-volume-2024" rel="" target="_blank" text="null">Brazil leads LATAM crypto trading with $6B volume in 2024</a>
The asset manager introduced its Ether ETF just a few months after <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-brazil-launching-depositary-receipts-fund-mirroring-us-btc-etf" rel="" target="_blank" text="null">launching its iShares Bitcoin Trust in the country</a> — also through a depositary receipt. BlackRock's director in Brazil, Cristiano Castro, said in a local interview that the fund will meet the country’s growing demand for crypto assets:
<blockquote>
 “[IBIT] is the fastest-growing ETF in history over a three-month period. This shows that there was pent-up demand for the product. BlackRock's strategy is to meet this demand and make it easier for investors to access these digital products within the capital market.”
</blockquote>
Brazil was one of the first markets to allow trading of crypto-tied products on its stock exchange. With BlackRock's new fund, investors in the country will have 15 ETFs or depositary receipts offering exposure to digital assets. In July, local regulators <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/brazil-first-spot-solana-etf-launch" rel="" target="_blank" text="null">approved the world’s first spot Solana-based ETF</a>, which is expected to go live in the coming months.&nbsp;
<figure>
 <img alt="BlackRock launches Ether ETF in Brazil" name="" src="https://s3.cointelegraph.com/uploads/2024-08/019199c1-8ab0-7f6f-b045-b6335c0fdea5">
 <figcaption style="text-align: center;">
 Breakdown of trading activity by asset in Brazil. Source: Kaiko Research
 </figcaption>
</figure>
According to B3’s director Felipe Gonçalves, 180,000 investors hold crypto products worth nearly 5.5 billion Brazilian reais (~$1 billion). Crypto trading volume in the country reached $6 billion in the first five months of 2024, marking a 30% increase from the previous year.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" rel="null" target="null" text="null">How Chinese traders and miners get around China’s crypto ban</a>

BlackRock launches Ether ETF in Brazil

Cointelegraph

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