Crypto NewsBitcoinNew Bitcoin Move from BlackRock, the World's Largest Asset Manager

New Bitcoin Move from BlackRock, the World’s Largest Asset Manager

With its latest moves, asset management company BlackRock seems to be moving further into the Bitcoin world.

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BlackRock, the world's largest asset manager, announced the launch of iShares Bitcoin Trust ETF BDR in Brazil. This is notable as the first cryptocurrency ETF in Brazil and is the same Bitcoin ETF that launched in the United States in January, but its shares are issued in Brazil.

The ETF, which will be traded under the code IBT39, will begin trading this Friday for qualified investors. It will also be available to individual investors within a few weeks, according to a note from the company posted to Bitcoin Portal.

The product will be listed on the country's stock exchange operator B3 and aims to track Bitcoin's performance. The management fee will be 0.25%, with the fee reduced to 0.12% with a one-year exemption for the first $5 billion of assets under management (AUM).

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Because it is an asset issued in Brazil and backed by shares abroad, BlackRock's product is described as Brazilian Depositary Receipts (BDRs), which are certificates representing shares issued by companies in other countries but traded there. That's why it's called BDR ETF.

BlackRock Brazil President Karina Saade said the following in her statement:

“Our digital asset journey has been underpinned by the goal of providing investors with high-quality access tools. “IBIT39 is a natural progression of our many years of efforts and builds on the core capabilities we have established to date in the digital asset market.”

*This is not investment advice.

Buradaki Yorumlardan Bildirim Al

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