BlackRock, the world’s largest asset manager, is set to launch its spot Ethereum exchange-traded fund (ETF) on Brazil’s B3 exchange. The iShares Ethereum Trust (ETHA) will debut on Wednesday, trading under the ticker ETHA39 as a Brazilian depositary receipt (BDR). This launch will expose investors to Ethereum, the second-largest cryptocurrency by market capitalization.
The ETHA39 can, therefore, be seen as a significant development for BlackRock; as Gomez further explained: “With the arrival of ETHA39, it is now possible to have exposure to the two biggest cryptocurrencies based on market capitalization.” BlackRock had previously entered the market with its iShares Bitcoin Trust, or IBIT, listed on the Brazilian stock exchange in early 2021.
Also Read: BlackRock’s iShares Bitcoin Trust Achieves Top Position in Spot Bitcoin ETF Market
Mixed Sentiment in the U.S. Ethereum ETF Market
As for this novel type of crypto investment product, Brazil is welcoming it, while the U.S., concerning the spot Ethereum ETF market, seems ambiguous. According to the statistics of SoSoValue on August 27, it amounted to $3.30 million out of the U.K. and $45 million originating from the U. S. spot Ethereum ETFs. Grayscale’s ETHE has reported large redemptions of $9.43 billion, Fidelity’s FETH, and Bitwise’s ETHW, with net investment gains of $3.88 million and $1.86 million, respectively. These fluctuations show the change in investors’ attitudes toward Ethereum-based products in these markets.
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Besides Ethereum, CVM also green-lit two spot Solana ETFs, which can be traded on B3. These ETFs allow Brazilian investors to invest in Solana without directly investing in the SOL token. This also expands Brazil’s growing presence in the cryptocurrency market even more.
The country is boosting its interest in cryptocurrency investments through BlackRock’s launch of ETHA39 and approval of Solana ETFs. These advances allow Brazilian investors to find more diversified opportunities to invest in, thus placing Brazil on the map of the emerging global crypto market.
Also Read: BlackRock’s Mitchnick Tempers Hopes for Solana and XRP ETFs
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.