BlackRock’s Ethereum Exchange-Traded Fund (ETF) Given Nod for B3 Listing by Brazilian Regulators
Receiving approval from Brazilian regulators, BlackRock’s Ethereum (ETH) ETF, ETHA, is now slated to be listed on the local exchange. This regulatory green light follows the successful introduction of a Solana ETF months earlier. ETHA is set to make its debut on August 28th, entering the market with an initial price bracketed between $7.26 and $9.0, coupled with a trimmed management fee of 0.12%.
Structured in the form of an international asset receipt (BDR), ETHA will be traded under the identifier ETHA39. Analysts note that this offering falls within the realm of Brazilian Depositary Receipts, representing stakes in foreign corporations. The ETF aims to provide exposure to the flourishing cryptocurrency market by enabling investments in the leading digital assets by market capitalization.
Nicolas Gomez, overseeing ETFs, index investments, and products for BlackRock in Latin America, underscored the importance of this milestone in extending access to major cryptocurrencies to local investors. Furthermore, Cristiano Castro, BlackRock’s Brazil director, hinted at how ETHA39 could catalyze the adoption of blockchain technologies in the region.
Despite a recent lack of movement in Ethereum’s price, experiencing an 8% dip in the past 24 hours to slip beneath $2,500, BlackRock’s prior achievements with the introduction of the iShares Bitcoin Trust ETF in Brazil—garnering $1 billion in net inflows—bode well for the future potential of ETHA.
BlackRock’s decision to unveil ETHA in the Brazilian marketplace marks a noteworthy stride in broadening digital asset accessibility for investors. The regulatory approval of the Solana ETF in Brazil also signals increasing acceptance of cryptocurrencies by the authorities. This evolving landscape could trigger further advancements within the industry, potentially influencing regulatory deliberations in other regions like the United States.
