Brazilian investors will now have access to BlackRock’s iShares Bitcoin exchange-traded fund thanks to the release of a new BTC BDR (Brazilian Depositary Receipts) ETF. The world’s largest asset manager announced on February 29 that trading for this product will begin on March 1.
BlackRock will be partnering with B3, a Brazilian financial market infrastructure provider, to make this possible, according to Karina Saade, the company’s president in Brazil.
She explained:
“The launch of the iShares Bitcoin Trust ETF BDR, IBIT39, showcases the innovation of ETFs and provides investors with access to bitcoin through a security – the ETF BDR – that can be incorporated into their portfolios.”
BDRs, or Brazilian Depositary Receipts, are securities issued in Brazil and backed by shares of ETFs from other countries. This new Brazilian ETF is essentially the same as the BTC ETF that BlackRock launched in the United States in January.
It will track the performance of the US ETF and have a 0.25% administrative fee, which will be offset by a one-year exemption on the first $5 billion of assets under management (AUM). Keep in mind that BDRs are subject to full tax.
