Itaú Asset Management Establishes Dedicated Cryptocurrency Division
Itaú Asset Management, Brazil’s largest private asset manager overseeing assets exceeding 1 trillion reais ($185 billion), has launched a specialized cryptocurrency division. The new unit will be led by João Marco Braga da Cunha, formerly a portfolio management director at Hashdex, a pioneering Brazilian crypto investment firm.
Expanding Digital Asset Offerings
This initiative builds on Itaú Asset’s existing crypto products, which include a Bitcoin exchange-traded fund (ETF) and a retirement fund offering digital asset exposure. The newly formed division aims to diversify the firm’s crypto portfolio by developing additional products spanning fixed-income-style instruments, derivatives, and staking-based funds. These offerings will operate within Itaú’s mutual funds framework, which manages over 117 billion reais across 15 investment desks.
“The crypto asset segment has unique characteristics for generating alpha. It’s a relatively new market that creates major opportunities due to its volatility,” Cunha remarked, emphasizing the potential for differentiated returns in this asset class.
Itaú’s Broader Crypto Strategy
In line with this move, Itaú Unibanco already facilitates direct trading of ten cryptocurrency pairs—including Bitcoin, Ether, Solana, and USD Coin—through its mobile application, with custody services managed internally. This signals the bank’s commitment to integrating digital assets more fully into its retail and institutional offerings.
Brazil’s Leading Role in Crypto Adoption
Brazil has emerged as a significant player in the global cryptocurrency market, ranking 10th worldwide in Chainalysis’ 2024 Global Crypto Adoption Index. This growth has been underpinned by the country’s progressive regulatory framework. In 2023, Brazil enacted its first comprehensive crypto legislation, establishing oversight mechanisms for virtual asset service providers and granting regulatory authority to the central bank.
Following the law’s implementation, Itaú Unibanco introduced crypto trading for retail clients in December 2023. More recently, Brazil’s securities regulator approved the nation’s first spot XRP ETF from Hashdex in early 2025, while local institutions like Braza Bank have announced plans to launch real-pegged stablecoins on blockchain networks such as Ripple’s XRP Ledger.
Regulatory Challenges Persist
Nevertheless, regulatory uncertainty continues to pose challenges. In June, Brazil attempted to impose a flat 17.5% tax on all crypto capital gains, replacing the previous progressive system and eliminating a long-standing exemption on monthly tax-free sales up to 35,000 reais ($6,500). The tax reform also extended to self-custody, offshore holdings, DeFi, NFTs, and staking yields. However, this policy faced immediate public backlash and was revoked within the same month.
As Brazil’s crypto ecosystem evolves, Itaú Asset’s establishment of a dedicated crypto unit highlights growing institutional confidence and the sector’s maturation despite regulatory complexities.
FinOracleAI — Market View
Itaú Asset Management’s creation of a dedicated crypto division signals strong institutional commitment to digital assets in one of Latin America’s largest economies. By expanding its product suite to include fixed income and derivatives-based crypto strategies, Itaú is positioning itself to capture growing investor demand amid Brazil’s favorable, though still evolving, regulatory environment.
Key risks include potential regulatory shifts and tax policy uncertainty, which have historically impacted market sentiment. Close attention should be paid to Brazil’s regulatory developments and Itaú’s ability to innovate within this framework.
Impact: positive
