After a very successful initial public offering in the United States, BlackRock has launched an ETF Bitcoin spot market in Brazil. Specifically, the asset manager has expanded trading on the iShares Bitcoin Trust ETF (IBIT) just seven weeks after receiving approval from the Securities and Exchange Commission (SEC).
The success of BlackRock’s IBIT is undeniable. The company’s BTC investment fund surpassed $10 billion in assets under management on Friday, making it the fastest ETF to achieve this milestone. Now, the offering has been expanded to the South American country.
BlackRock launches ETF Bitcoin spot market in Brazil
The digital asset industry enters 2024 with high hopes for Bitcoin. Much of these expectations are due to the upcoming arrival of Bitcoin spot market ETFs. With just ten days left until the new year, these investment products have already been approved, with 11 products given the green light to begin trading one day after.
Just seven weeks after that approval, and one of the ETF funds has surpassed $10 billion in managed BTC. Following that success, BlackRock has expanded geographically, launching a Spot Bitcoin ETF in Brazil.
The new Bitcoin investment product started trading on Brazil’s B3 stock exchange on Friday. Felipe Goncalves, the director of interest rates and currency products at B3, made a statement about the expansion. He emphasized the potential for diversification for Brazilian investors.
Goncalves said: “This is another opportunity for investors to add Bitcoin to their investment portfolios. The growing interest in the cryptocurrency market from investors around the world has also fueled the search for options in the Brazilian capital market.”
The demand for Bitcoin options from investors is undeniable, especially as this digital asset has performed very well in 2024. Just last week, BTC surpassed $62,000 for the first time since November 2021. Furthermore, it will continue to rise in value in the context of the upcoming Bitcoin Halving event in April.
