BlackRock Expands Reach with Spot Bitcoin ETF in Brazil: Introducing IBIT

• BlackRock’s Bitcoin ETF expansion to Brazil signifies growing global cryptocurrency acceptance.
• Lark Davis’s tweet highlights the untapped potential of the bullish cryptocurrency market.

BlackRock, the world’s leading investment asset management firm, is setting its sights on Brazil for the launch of its flagship Bitcoin ETF, named IBIT. This strategic expansion comes shortly after the firm’s successful launch of its spot Bitcoin ETF in the United States, which received the green light from the Securities and Exchange Commission (SEC) less than two months ago.

Previously, IBIT fund has made a significant impact on the market, securing the 5th rank with an impressive $2.4 billion in inflows for the year 2024. This remarkable achievement underscores the growing investor confidence in cryptocurrency as a viable asset class, recalling Crypto News Flash’s previous disclosures.

BlackRock’s Strategic Move into Brazil

BlackRock’s foray into the Brazilian market is in collaboration with B3, the country’s primary stock exchange operator, marking a milestone as the asset manager’s inaugural crypto ETF venture in South America. This expansion underscores the tangible success BlackRock has experienced in the spot Bitcoin ETF arena, with the firm’s Asset Under Management (AUM) nearing a pivotal $10 billion benchmark.

Karina Saade, BlackRock president in Brazil, emphasized the significance of this expansion, stating, “Our digital asset journey has been underpinned by the goal of providing high-quality access vehicles to investors. IBIT39 represents a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.”

The enthusiasm for Bitcoin ETFs is palpable, as evidenced by a substantial $577 million inflow into the spot Bitcoin ETF market on February 27, with BlackRock’s iShares Bitcoin ETF alone capturing $520 million of this influx. Furthermore, IBIT set a new personal record with an impressive $1.3 billion in trading volume, surpassing the daily trade volume of most large-cap U.S. stocks.

Lark Davis’s Insight on BTC’s Performance

Amidst these developments, prominent Bitcoin investor Lark Davis took to Twitter to share his observations on Bitcoin’s remarkable performance, noting a 48% increase Year-To-Date (YTD) and a 168% surge over the past year.

Bitcoin is now up 48% YTD and 168% over the past year.

Yet the search interest for $BTC is still below average.

That's how we know the bull market is still getting started. pic.twitter.com/f0hSUKEamC

— Lark Davis (@TheCryptoLark) February 29, 2024

Interestingly, Davis pointed out that despite these significant gains, search interest for BTC remains below average, suggesting that “the bullish market is just beginning.” This perspective sheds light on the potential untapped enthusiasm and investment that could further propel the cryptocurrency market forward.

At the time of writing, the price of BTC had drop 1.95% in the last 24 hours, fell to price of $61,460.27. But, this represents an increase of 20.73% over the past 7 days.

Brazil’s Welcoming Approach to Bitcoin ETFs

The trading of BlackRock’s spot Bitcoin ETF in Brazil is poised to commence on Friday, initially available exclusively to eligible investors with over R$1 million invested.

The firm plans to extend the offering to retail investors in the ensuing weeks, trading under the ticker IBT39 on the Brazilian Stock Exchange – B3. Like its U.S. counterpart, the Brazil ETF will track Bitcoin’s performance, with a competitive management fee structure designed to attract a broad investor base.