Corporate clients, particularly small and medium enterprises (SMEs), represent a significant portion of assets under custody at Mercado Bitcoin, Brazil’s largest cryptocurrency exchange. According to Daniel Cunha, the firm’s head of corporate development, these SMEs account for approximately 10% to 15% of total assets. Cunha revealed during an interview at the exchange’s DAC 2025 conference that these companies tend to keep their investments relatively stable, rarely moving more than 10% of their holdings at a time. Their primary motivation for entering the crypto market is not trading, but rather to safeguard their cash reserves against rising global uncertainties such as inflation, currency depreciation, and geopolitical tensions.
The trend of using bitcoin as a corporate treasury asset gained traction when companies like MicroStrategy began integrating it into their balance sheets. Currently, MicroStrategy holds an impressive 639,835 BTC, establishing itself as the largest corporate holder of the cryptocurrency globally. While publicly-traded companies cumulatively own over 1 million BTC, the specific holdings of small and medium enterprises remain largely unspecified.
Cunha did not disclose the exact amounts held by these companies on Mercado Bitcoin. Nevertheless, Brazil’s adoption of cryptocurrency has been noteworthy, ranking fifth in Chainalysis’ Global Crypto Adoption Index. Notably, the country currently has only one publicly-traded company, Méliuz, holding bitcoin in its treasury. However, this landscape is set to change with OranjeBTC’s impending listing on Brazil’s B3 exchange, which will position it as the nation’s largest publicly traded corporate holder of bitcoin, boasting a treasury of around $400 million.
The focus of these companies has been largely on bitcoin and stablecoins such as USDT and USDC. According to Cunha, their approach is conservative, aimed more at cash management than speculative investments or seeking high yields through alternate cryptocurrencies. This trend toward institutional adoption is also contributing to reduced volatility in the cryptocurrency markets, making bitcoin an increasingly attractive option for corporate treasurers.
Despite the growing interest among SMEs, the larger institutional players, particularly those in São Paulo’s Faria Lima financial district, have yet to fully engage with the crypto space. Cunha mentioned that these larger firms are currently observing from the sidelines, indicating that significant movements in this sector are still forthcoming.
