BlackRock introduces Ethereum ETF on Brazil's stock exchange

BlackRock has launched its Ethereum (CRYPTO:ETH) ETF, trading under the ticker ETHA39, on Brazil's B3 stock exchange, allowing local investors to access the fund through Brazilian Depositary Receipts (BDRs). 

This move reflects the growing acceptance of cryptocurrency-linked financial products in Brazil, which has become a leader in crypto ETF adoption. 

ETHA39 represents one-third of the value of BlackRock's iShares Ethereum Trust (ETHA) and trades in the range of R$40 to R$50 ($7.26 to $9.07). 

The management fee for the ETF is set at 0.25% but has been temporarily reduced to 0.12% on the first $2.5 billion in assets under management (AUM) for a year. 

The introduction of ETHA39 follows BlackRock's launch of its Bitcoin (CRYPTO:BTC) ETF in Brazil, known as IBIT39, earlier this year. 

This new offering continues BlackRock's strategy to expand its presence in Brazil's growing crypto market, where institutional and retail investors increasingly seek exposure to digital assets. 

ETHA39 has seen significant demand, surpassing $1 billion in net inflows and outperforming similar products from competitors like Fidelity, Bitwise, and Grayscale. 

The fund currently holds $860 million in net assets, further establishing BlackRock as a leader in the crypto ETF market. 

While Ethereum ETFs in the United States have struggled, with recent net outflows of $3.45 million, Brazil continues to lead in crypto ETF offerings. 

The country launched the world’s first Solana (CRYPTO:SOL) ETF in early August and is positioning itself as a significant player in the global crypto market. 

BlackRock’s director in Brazil, Cristiano Castro, emphasised that the launch of ETHA39 expands access to digital assets and simplifies investment in Ethereum, a blockchain with a broad range of applications. 

As Brazil advances in crypto ETF adoption, the U.S. remains cautious, with regulatory challenges hindering the approval of new crypto products. 

At the time of reporting, the Ethereum price was $2,550.73.