Following its highly successful offering thus far in the United States, BlackRock has launched a Spot Bitcoin ETF in Brazil. Specifically, the asset manager has expanded trading on its iShares Bitcoin Trust ETF (IBIT) just seven weeks after gaining approval from the US Securities and Exchange Commission (SEC).
The success of BlackRock’s IBIT has been undeniable. The firm’s BTC investment offering surpassed $10 billion in assets under management Friday, becoming the quickest ETF to reach the landmark milestone. Now, the offering has been expanded to the South American country.
Also Read: BlackRock Spot Bitcoin ETF Trading Volume Surpasses $1.1 Billion
BlackRock Launches Spot Bitcoin ETF in Brazil
The digital asset industry entered 2024 with high hopes for Bitcoin. Much of those expectations were due to the impending arrival of Spot Bitcoin ETFs. Just ten days into the new year, those investment products were approved, with 11 being greenlit to begin trading a day later.
Just seven weeks since that approval and one of those ETFs has already surpassed $10 billion in BTC under management. Subsequently, that success has led BlackRock to expand geographically, launching the Spot Bitcoin ETF in Brazil.
Also Read: BlackRock Attracts Mainstream Investors To Invest in Bitcoin ETF
The new Bitcoin investment product began trading on the Brazilian stock exchange B3 on Friday. Felipe Goncalves, the superintendent of B3’s interest and currency products released a statement on the expansion. Specifically, he highlighted the diversification potential for Brazilian investors.
“This is another opportunity for investors to include exposure to Bitcoin in their portfolios,” Goncalves said. “The growing interest in the crypto market by investors from all over the world has sparked a search for options in the Brazilian capital markets as well.”
The demand for Bitcoin options from investors is undeniable, especially as the digital asset has performed so well in 2024. Over the last week alone, BTC has surpassed the $62,000 mark for the first time since November 2021. Moreover, it should continue to increase in value amid the impending Bitcoin Halving event set to take place in April.