Itaú Asset Management Launches Crypto Division: A New Era for Brazilian Crypto Investment

Itaú Asset Management, Brazil's leading private asset manager, has officially launched its dedicated cryptocurrency division. This move underscores the increasing institutional interest in digital assets within Latin America.

The new division will be headed by João Marco Braga da Cunha, formerly of Hashdex. It will operate within Itaú's existing multi-desk investment structure, managing a substantial portfolio of over 117 billion reais (approximately $21.6 billion). The crypto team will collaborate with existing groups focusing on equities, credit, and systematic strategies.

Itaú's foray into crypto isn't entirely new. They've been gradually introducing crypto-related products since 2022, including a Bitcoin ETF (BITI11) and a retirement plan with Bitcoin exposure. These existing products already hold approximately 850 million reais ($152 million) in assets.

More recently, Itaú enabled direct cryptocurrency trading (BTC and ETH) through its mobile app, offering in-house custody. The bank has also considered the possibility of launching its own stablecoin.

This new division plans to expand Itaú’s digital asset offerings significantly. They aim to introduce a range of products, from fixed-income-style instruments to higher-risk funds tied to derivatives.

Key Takeaways:

• Itaú, Brazil's largest private asset manager, establishes a dedicated crypto division.
• This signals growing institutional adoption of crypto in Brazil.
• The division will expand Itaú’s existing crypto product line, offering a range of investment options.
• Itaú already offers a Bitcoin ETF, retirement plans with BTC exposure, and direct crypto trading via their app.