Brazil Gets BlackRock's Spot Bitcoin ETF

The iShares Bitcoin Trust ETF (IBIT), which is BlackRock's (BLK) spot bitcoin exchange-traded fund (ETF), has been expanded to include trading in Brazil.

Friday marked the beginning of trading for the fund on the Brazilian stock exchange known as B3.

BlackRock's iShares Bitcoin Trust ETF (IBIT), which is by far the most successful of the 10 spot bitcoin exchange-traded funds, has begun trading on the Brazilian stock exchange B3, according to the company. On Thursday, the asset manager made the announcement regarding the expansion.

According to Felipe Goncalves, the superintendent of interest and currency products at B3, who issued a statement, "This is another opportunity for investors to include exposure to Bitcoin in their portfolios

Investors from all around the world are showing a growing interest in the cryptocurrency market, which has led to a hunt for opportunities in the Brazilian capital market as well.

Since the eleventh of January, when it and the other nine spot bitcoin ETFs began trading in the United States, IBIT has attracted a net investment of more than seven billion dollars, making it the most profitable of the group.

The management charge for the Brazilian version of the fund, which is called the iShares Bitcoin Trust BDR ETF, is 0.25%, just like the fee for the product that is based in the United States

vHowever, this price will be cut to 0.12% for the first year or until the fund hits $5 billion in assets, whichever comes first.

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