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BlackRock introduces the first Bitcoin ETF, iShares Bitcoin Trust, now trading on the Santiago Stock Exchange. The ETF is managed by BCI Securities Brokerage, offering institutional access to cryptocurrency investments in Chile. BlackRock has introduced the first Bitcoin ETF in Chile, named iShares Bitcoin Trust (IBIT), which commenced trading on the Santiago Stock Exchange on June 27. This financial instrument provides Chilean investors with institutional access to Bitcoin investments. BlackRock’s iShares Bitcoin Trust (IBIT) is listed on the Santiago Stock Exchange. Source: bci.cl The operation of the ETF is managed by BCI Securities Brokerage, facilitating institutional access to cryptocurrencies. With this launch, Chile joins Brazil in offering similar financial products, reflecting a growing interest from local investors in cryptocurrency assets. According to a GTD survey, 74% of Chileans recognize Bitcoin as the most significant cryptocurrency in the market. As we have covered in Crypto News Flash, globally, Bitcoin ETFs have experienced capital outflows, with net withdrawals totaling $1.13 billion between June 13 and June 24, impacting funds such as the Grayscale Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund. These movements have raised concerns about the future stability of Bitcoin’s price. Silvia Fernández, Country Head of BlackRock in Chile, emphasized that the ETF launch aims to provide an accessible and efficient digital investment alternative, backed by BlackRock’s risk management expertise. “This launch is in line with BlackRock’s long history of innovation in the financial markets. On this occasion, Chilean investors will have an accessible and efficient digital asset to include in their portfolios, backed by the extensive experience in risk management that our iShares ETFs have,” BlackRock Country Head in Chile, Silvia Fernández, told DF. Patricio Rojas, General Manager of the Santiago Stock Exchange, stated that the inclusion of the iShares Bitcoin Trust enhances the product diversification available in the…

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Filed under: News - @ June 29, 2024 9:08 pm