BlackRock launches Bitcoin spot ETF IBIT BDR in Brazil! Codename IBIT39

The Bitcoin spot ETF, IBIT, launched by BlackRock, the world's largest asset management company, has become the second largest Bitcoin ETF in terms of asset management after Grayscale GBTC. According to Lookonchain statistics, IBIT accumulated up to 10,140 Bitcoins in the previous trading day, worth approximately US$638 million. Currently, the total number of Bitcoins held by IBIT reaches 151,536, with a total value of more than 9.15 billion US dollars.

BlackRock issues IBIT BDR in Brazil

In addition to the US market, BlackRock has also increased its efforts to enter the Brazilian market. According to Portaldobitcoin reports, BlackRock announced yesterday (2/29) that it has cooperated with the Brazilian Stock Exchange B3 to launch IBIT’s Brazilian Depositary Receipts (BDR) in Brazil, with the stock code IBIT39. BDRs refer to stock certificates issued in other countries (in this case the United States) but traded in Brazil.

IBIT39’s management fees are the same as IBIT at 0.25%, falling to 0.12% on the first $5 billion in AUM or within the first year. Although the applicable stock tax rules are similar, BDRs do not receive any tax relief.

BlackRock has launched its first cryptocurrency ETF in Brazil, which will be open for trading tonight. Karina Saade, president of BlackRock Brazil, said that the expansion of the Bitcoin Spot ETF to Brazil is part of their digital asset journey and aims to provide investors with high-quality tools. She noted that IBIT39 represents the culmination of years of hard work and builds on BlackRock’s solid foundation in the digital asset market.

Felipe Gonçalves, B3’s head of interest and currency products, emphasized that the product provides investors with new opportunities to include Bitcoin in their investment portfolios.

The increasing interest of global investors in the cryptocurrency market has also triggered their attention to the Brazilian capital market. B3 is actively working to develop products that meet this need and ensure the operational safety of these products.

IBIT’s net fund flow accounts for 42% of all BlackRock’s ETFs

It is worth mentioning that the successful listing of IBIT is of great significance to BlackRock. Bloomberg ETF analyst Eric Balchunas pointed out today: Although IBIT only accounts for 0.2% of the funds managed by BlackRock, since the beginning of the year, IBIT’s net inflows have accounted for 42% of the total inflows of all BlackRock’s ETFs. %, if only considering all ETFs with net inflows, $IBIT’s net inflows also account for about 13%.

Similarly, the Bitcoin spot ETF launched by Fidelity Investments, $FBTC, only accounts for 2% of its ETF funds under management, but its net fund inflows this year have accounted for the total inflows of Fidelity ETFs. 64% of the amount. These data clearly show that investors have extremely high demand for Bitcoin spot ETFs.

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