BlackRock launches Ethereum ETF (ETHA39) in Brazil via BDR on B3 stock exchange. Initial trading price set between R$40-R$50 with first-year fees halved to 0.12%. Brazil now has 15 crypto-linked ETFs.

BlackRock has expanded its cryptocurrency product portfolio in Brazil by launching the iShares Ethereum Trust (ETHA) via a share receipt (BDR) on the B3 stock exchange. This follows the successful introduction of BlackRock’s Bitcoin ETF (IBIT39) in the country, marking another significant step in making crypto assets more accessible to Brazilian investors. Initial trading price to range between R$40 and R$50 The iShares Ethereum Trust, trading under the ticker ETHA39, is designed to cater to both retail and institutional investors. The ETF’s initial trading price is expected to range between R$40 and R$50, representing approximately one-third of the value of the original asset that backs the BDR. The management fee for the ETF is set at 0.25% per year, mirroring the fee structure in the United States. However, during the first year of trading or until the ETF reaches $2.5 billion in assets under management (AUM), the fee will be halved to 0.12%, making it even more attractive to investors. Demand for crypto-related products in Brazil Cristiano Castro, BlackRock’s director in Brazil, emphasized that the launch is a response to the growing demand for crypto-related products in the country. He highlighted the success of the iShares Bitcoin Trust as evidence of this demand, noting that it became the fastest-growing ETF in history over three months. According to Castro, BlackRock’s strategy is to meet this demand by facilitating access to digital products within the capital market. Before being launched in Brazil by BlackRock, the original iShares Ethereum Trust was launched in the United States in June 2024 and quickly became the most liquid cryptocurrency fund, with 80% of its trading volume coming from individual investors. The Brazilian market, which has seen significant growth in crypto trading, now offers 15 ETFs or BDRs linked to digital assets. Despite the existence of multi-asset funds in Brazil, BlackRock’s reputation and established governance are expected to attract investors to ETHA39. This launch underscores Brazil’s position as a key market for crypto investments, with nearly 180,000 investors holding crypto products valued at approximately R$5.5 billion. As the demand for digital assets continues to rise, BlackRock’s Ethereum ETF is poised to play a crucial role in the evolving landscape of Brazil’s financial market.

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TON blockchain has hit another network downtime, less than 24 hours after an extended halt. According to TON, congestion related to DOGS airdrop is the main reason.

The Open Network (TON) blockchain has experienced another halt in block production. Reports of the outage come less than 24 hours after TON returned online following more than six hours of downtime. On Wednesday, the TON blockchain announced the network overload had resolved and that the Telegram-linked blockchain was “back online.” However, the network stopped processing transactions, with the platform providing an update to this effect. “Block production on TON experiencing disruption beginning 19:19 UTC,” TON wrote on X. “Appears to be due to heavy load attributed to DOGS token minting. TON Core is working on a solution.” According to the update, user assets were “not at risk”.

Block production on TON experiencing further disruption Block production issues began at 19:19 UTC. The disruption appears to be due to heavy load attributed to DOGS token minting. TON Core is working on a solution. We will continue to update you on the situation as it evolves.… — TON 💎 (@ton_blockchain) August 28, 2024

TON network outage amid Telegram CEO’s arrest TON also attributed Tuesday’s downtime to the congestion that hit the network following the DOGS airdrop. Various top exchanges supported the airdrop, with Binance and Bybit among those to delay distribution amid TON network issues. A spike in activity also happened as Telegram CEO Pavel Durov faced several charges related to the messaging app. Durov was arrested in France late Saturday and remained in police custody for 96 hours. Police released him from custody and took him to court for his case’s mention on August 28. The events around TON network outages and Durov’s arrest have seen the Toncoin (TON) token plummet. After a brief recovery to above $5.75, the TON token is back below $5.50. Despite paring some of the losses seen since Saturday, Toncoin price remains 18% down in the past week.

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