Brazil’s largest private asset manager, Itaú Asset Management, has officially launched its first dedicated cryptocurrency division, signaling a significant expansion into the digital assets space. This move comes as the company seeks to diversify its investment offerings and tap into the growing demand for cryptocurrency-related products. João Marco Braga da Cunha, who previously held an executive role at Hashdex, has been appointed to lead this new unit.
According to local news outlet Livecoins, the newly established crypto division will operate within Itaú’s existing multidesk investment structure, which manages over 117 billion reais (approximately $21.6 billion) across 15 different trading desks. With the addition of the crypto team, Itaú aims to enhance its portfolio by integrating digital asset products alongside its traditional offerings in equities, credit, and systematic strategies.
Itaú has been progressively entering the cryptocurrency market over the past few years. Since 2022, the firm has launched a bitcoin exchange-traded fund (BITI11) and a retirement plan that includes exposure to Bitcoin. Collectively, these products have amassed around 850 million reais (about $152 million) in assets. In a bid to further facilitate cryptocurrency trading, Itaú recently introduced direct trading options for major cryptocurrencies like Bitcoin and Ethereum through its mobile application, with in-house custody solutions to ensure security.
In addition to its existing products, Itaú is contemplating the introduction of its own stablecoin, reflecting broader trends in the financial sector where traditional institutions are exploring digital currencies.
The new crypto division is expected to offer a diverse range of products, including fixed-income instruments and higher-risk funds linked to derivatives. This strategic expansion underscores Itaú’s commitment to becoming a prominent player in the evolving landscape of digital finance.
