In a significant move within the financial sector, Brazil’s largest private asset manager, Itaú Asset Management, has established its first dedicated cryptocurrency division. This new unit will be led by João Marco Braga da Cunha, a former executive at Hashdex, a prominent player in the cryptocurrency space. Local news outlet Livecoins reported this development, which marks a pivotal moment for Itaú as it seeks to enhance its offerings in the rapidly evolving digital asset market.
The newly formed crypto division will operate within Itaú’s existing multidesk investment framework, which currently manages over 117 billion reais (approximately $21.6 billion) distributed across 15 trading desks. This strategic expansion aims to position Itaú alongside its existing teams that focus on equities, credit, and systematic strategies, ultimately broadening its suite of digital asset products.
Since venturing into the cryptocurrency landscape in 2022, Itaú has made notable strides. The firm launched a bitcoin exchange-traded fund (BITI11) and introduced a retirement plan that offers exposure to Bitcoin. Collectively, these initiatives, along with the Itaú Bitcoin Index fund, have accumulated around 850 million reais (around $152 million) in assets. Furthermore, Itaú has recently enhanced its digital services by enabling direct trading of cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), through its mobile application, with in-house custody solutions.
Looking forward, Itaú is contemplating the launch of its own stablecoin, a move that could further solidify its position in the crypto market. The upcoming crypto division is expected to introduce a diverse range of products, from fixed-income-style instruments to more aggressive funds linked to derivatives, catering to varying risk appetites among investors.
“One of the most important benefits these vehicles offer is enhanced liquidity,” a report from Bank of America indicated regarding the advantages of tokenization.
This initiative by Itaú reflects a broader trend in the financial industry, where traditional asset managers are increasingly recognizing the importance of digital assets. As we progress through 2025, the demand for innovative financial products that incorporate cryptocurrencies is likely to rise, presenting both opportunities and challenges for established institutions.
In conclusion, Itaú Asset Management’s foray into the cryptocurrency space with the establishment of its dedicated crypto division showcases a commitment to evolving with the financial landscape. As the division rolls out its offerings, it will be interesting to observe how these developments influence the broader market and the approach of other financial institutions in Brazil and beyond.
For more insights on this topic, you can refer to the original report by CoinDesk.
