BlackRock To Launch Bitcoin ETF In Brazil
BlackRock has partnered with Brazil’s B3 stock exchange to launch the iShares Bitcoin Trust ETF’s Brazilian Depositary Receipts, marking its first foray into the Brazilian cryptocurrency ETF
market.
The Bitcoin ETF, trading under the code IBIT39, aims to replicate Bitcoin’s performance and introduces a management fee of 0.25%, temporarily reduced to 0.12% for the first $5 billion in assets under management.
Brazilian Depositary Receipts (BDR) lack tax exemptions similar to those for local share sales under $20,000.
(With inputs from Shikha Singh)
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