BlackRock Brazil is set to debut a Brazilian Depositary Receipts (BDR) ETF that mirrors the iShares spot Bitcoin exchange-traded fund from the US. The launch was scheduled for March 1 on the B3 trading platform, making it one of the 14 Brazilian ETFs offering crypto exposure.

In collaboration with B3, the Brazilian financial market infrastructure provider, BlackRock aims to make Bitcoin investment more accessible to Brazilian investors. Karina Saade, the president of BlackRock Brazil, emphasized the innovation this brings to the ETF market, providing investors with a secure way to incorporate Bitcoin into their investment portfolios.

The Brazilian ETF, reflecting its US counterpart's performance launched by BlackRock in January, will maintain the same administrative fee structure but with an initial exemption on management fees for assets up to a certain threshold. However, BDRs are subject to full taxation in Brazil.

This new fund targets investors with a minimum of 1 million reals invested, with BlackRock Brazil awaiting further regulatory approval for retail distribution. The introduction of this ETF adds to Brazil's growing list of crypto-related investment options, with 13 other ETFs already trading on B3 since 2021, accumulating significant combined assets and trading volume.

The BlackRock US BTC ETF, approved by the SEC earlier this year, has seen substantial growth, reaching over $8 billion in assets under management. Following this, BlackRock is reportedly considering the launch of a similar Ether ETF in Brazil, contingent on SEC approval in the United States.