The post BlackRock Launches ETH ETF in Brazil: ETHA39 Hits B3 appeared on BitcoinEthereumNews.com.

Brazil authorities approve BlackRock’s application to list Ethereum (ETH) ETF (ETHA) on a local exchange months after the launch of Solana ETF.  ETHA is expected to debut today at a starting price of between $7.26 and $9.0 and a reduced management fee of 0.12%.  Spot Ethereum Exchange Traded Fund (ETF) has reached Brazil after BlackRock finally attained the regulatory green light to list the product on Brazil’s B3 exchange.  Expected to debut today, August 28, the ETF is structured through an international asset receipt (BDR) and would be listed under the code ETHA39. Experts also explain that the product is defined as Brazilian Depositary Receipts (BDR) – certificates that represent shares issued by a company in other countries.  According to a local blog post, the asset would be worth one-third of BlackRock’s iShares Ethereum Trust (ETHA). This implies that the starting price would range between R$40 and R$50 ($7.26 and $9.0), depending on the price movement. In addition, the BDR is expected to have the management fee waived for a year, bringing the fee to 0.12% on the first $2.5 billion in Assets Under Management (AUM). Commenting on this, the head of ETFs, index investments, and products at BlackRock for Latin America, Nicolas Gomez, disclosed that the latest development directly exposes the biggest cryptos by market caps to investors within the region.  Also, the director of BlackRock in Brazil, Cristiano Castro, hinted that ETHA39 could largely support a range of blockchain applications.  The launch of ETHA39 expands the offering of digital assets and simplifies investors’ access to an asset that has the potential to support a wide and diverse range of blockchain applications. The price of ETH has not reacted much to this exciting news as it remains 8% down in the last 24 hours and trading below $2,500.  BlackRock’s…

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Filed under: News - @ August 28, 2024 1:21 pm