- BlackRock launches Ethereum ETF (ETHA39) in Brazil via BDR on the B3 exchange.
- Initial trading price set between R$40–R$50, with first-year fees halved to 0.12%.
- Brazil now has 15 crypto-linked ETFs.
BlackRock has expanded its cryptocurrency product lineup in Brazil by introducing the iShares Ethereum Trust (ETHA) through a Brazilian Depositary Receipt (BDR) listed on the B3 stock exchange.
This move follows the successful introduction of BlackRock’s Bitcoin ETF (IBIT39) in Brazil and represents another significant step toward making crypto assets more accessible to Brazilian investors.
Initial trading price expected between R$40 and R$50
The iShares Ethereum Trust, trading under the ticker ETHA39, is designed to serve both retail and institutional investors.
The ETF’s initial trading price is expected to fall between R$40 and R$50, roughly a third of the value of the underlying asset that the BDR represents.
The annual management fee for the ETF is set at 0.25%, aligning with the fee structure used in the United States.
However, during the first year of trading — or until the fund reaches $2.5 billion in assets under management (AUM) — the fee will be reduced by half to 0.12%, making the product more attractive to investors.
Rising demand for crypto-related products in Brazil
Cristiano Castro, BlackRock’s head in Brazil, emphasized that the launch responds to growing demand for crypto-related products in the country.
He pointed to the success of the iShares Bitcoin Trust as evidence, noting that it became the fastest-growing ETF in history within three months.
According to Castro, BlackRock’s strategy is to meet this demand by facilitating access to digital products through the capital markets.
The original iShares Ethereum Trust was launched in the United States in June 2024 and quickly became the most liquid cryptocurrency fund there, with 80% of trading volume coming from retail investors.
Brazil’s market, which has seen substantial growth in cryptocurrency trading, now offers 15 ETFs or BDRs linked to digital assets.
Despite the presence of multi-asset funds in Brazil, BlackRock’s reputation and established governance are expected to draw investors to ETHA39.
This launch underscores Brazil’s role as a growing market for crypto investment, with nearly 180,000 investors holding crypto products valued at roughly R$5.5 billion.
As demand for digital assets continues to rise, BlackRock’s Ethereum ETF is poised to play an important role in the evolving Brazilian financial landscape.