BlackRock Brazil launching depositary receipts fund mirroring US BTC ETF

The Brazilian ETF will launch March 1 on the B3 platform. There are already 13 Brazilian ETFs with crypto exposure.

BlackRock’s iShares spot Bitcoin (BTC) exchange-traded fund will be available in Brazil thanks to the launch of a new BTC BDR (Brazilian Depositary Receipts) ETF. Trading will begin on March 1, the world’s largest asset manager announced on Feb. 29. 

BlackRock will partner with Brazilian financial market infrastructure provider B3 to offer the new product, BlackRock Brazil president Karina Saade said at the company’s headquarters in São Paulo. Saade said:

BDRs of foreign ETFs are securities issued in Brazil and backed by shares of ETFs issued abroad. The Brazilian ETF is thus effectively the same BTC ETF that BlackRock launched in the United States in January. It will mirror the U.S. ETF’s performance and carry an administrative fee of 0.25%, offset by a one-year exemption on the first $5 billion of assets under management (AUM). BDRs are fully taxable.

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