Brazil is now able to trade the iShares Bitcoin Trust ETF (IBIT), a spot bitcoin ETF offered by BlackRock (BLK). On Friday, the fund began trading on the B3 stock exchange in Brazil.
The company said that BlackRock’s iShares Bitcoin Trust ETF (IBIT), which has been the most successful out of the ten spot bitcoin exchange-traded funds, has begun trading on the B3 stock exchange in Brazil. On Thursday, the asset management made the expansion known.
“This presents an additional chance for investors to incorporate exposure to Bitcoin into their investment portfolios,” stated Felipe Gonçalves, the superintendent of interest and currency products at B3.
“Investors from all over the world’s increasing interest in the cryptocurrency market has prompted a search for options in the Brazilian capital market as well.”
Since it and the other nine spot bitcoin ETFs began trading in the United States on January 11, IBIT has attracted nearly $7 billion in net investment, the largest inflow among the group.
The Brazilian counterpart of the U.S.-based product, known as the iShares Bitcoin Trust BDR ETF, has a management fee of 0.25%, which will be lowered to 0.12% for the first year or until the fund’s assets exceed $5 billion.