BlackRock’s Ethereum ETF Debuts on Brazilian Stock Exchange Under ETHA39 Ticker

Blackrock Brazil Ethereum

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Sujha Sundararajan

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August 28, 2024 01:00 EDT

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Asset manager BlackRock will launch its Ethereum exchange-traded fund (ETF) on the Brazilian stock exchange, as Brazilian depositary receipt (BDR).

BDR is a certificate that represents shares of foreign companies traded in Brazil.

Set to debut in Brazil on Wednesday, the move comes a month after it launched its iShares Ethereum Trust (ETHA) ETF on the US soil. Per a report by local media Portal do Bitcoin, the ether ETF will carry a ticker ETHA39. Besides, B3 exchange will carry out the trading of the product, it added.

BlackRock launched its iShares Bitcoin Trust ETF (IBIT) in Brazil in March to provide high-quality access vehicles to Brazilian investors. Dubbed IBIT39, the Bitcoin product started trading with a reduced fee to 0.12% for the first year.

Further, the new ETHA39 product in Brazil is expected to trade between R$40 and R$50, depending on the ETF’s movement.

“The launch of ETHA39 now allows investors to have access to the two largest cryptocurrencies by market cap,” said Nicolas Gomez, head of ETFs at BlackRock for Latin America.

Cristiano Castro, director of BlackRock in Brazil, noted that the launch would “simplify” investor’s access to the asset. “[ETH] has the potential to support a wide and diverse range of blockchain applications,” he added.

Brazil Already Set Precedent for Solana ETFs, BlackRock Not Interested

Solana has gained a ground in Brazil with the nation’s recent Solana ETF approvals.

Brazil’s Securities and Exchange Commission (CVM), the securities regulator, has already approved two Solana-based ETF products in August.

As a result, per the Commission’s central database, the country approved Solana ETFs offered by asset managers QR Asset and Hashdex.

Meanwhile, BlackRock is not joining the bandwagon of asset issuers in filing a Solana ETF anytime soon. Samara Cohen, the CIO of ETF and index investments at BlackRock, told Bloomberg recently that the firm is looking at the “investability” to see what meets the criteria bar to be delivered as an ETF.

“For us, right now, both between investability considerations and also what we hear from our clients, Bitcoin and ETH definitely meet that bar. I think it will be a while before we see anything else.”