Itaú Asset Management Launches Dedicated Crypto Division to Target Digital Alpha in Brazil
Brazil’s largest private asset manager, Itaú Asset Management, has announced the creation of a specialized crypto division, signaling a strategic expansion into digital asset management amid Brazil’s surging crypto adoption. The new crypto-focused unit will operate within Itaú’s mutual funds arm, enhancing its offerings for clients seeking alpha and diversified returns in the dynamic digital asset space.
New Crypto Division Led by Industry Expert
Itaú Asset has tapped João Marco Braga da Cunha, the former portfolio director at Hashdex (a major issuer of crypto ETFs in Brazil), to head the division. Cunha’s leadership brings essential crypto and fintech expertise, bridging traditional asset management with innovative digital strategies. Under his guidance, Itaú’s crypto desk will join 15 other investment teams managing over 117 billion reais (about $21.6 billion) in assets.
Cunha commented,
“The crypto asset segment has unique characteristics for generating alpha. It’s a relatively new market full of opportunity because of its volatility.”
Expanding Digital Asset Products and Services
Building on existing offerings like Itaú’s successful Bitcoin ETF (BITI11) and retirement plan with BTC exposure, the new division will develop a wider array of products:
- Direct trading of major cryptocurrencies: Clients can already trade 10 digital asset pairs—including Bitcoin, Ether, Solana, and USD Coin via Itaú’s mobile app, with in-house custody to boost security and trust.
- Fixed-income–style crypto products: The unit will launch new, bond-equivalent funds for investors seeking stable exposure to the digital asset market.
- High-volatility strategies: Plans include derivatives, staking-based funds, and other advanced strategies to allow clients to capitalize on crypto’s unique return profiles.
Crypto Adoption Grows in Brazil’s Robust Regulatory Environment
Brazil ranks 10th worldwide in Chainalysis’ 2024 Global Crypto Adoption Index, with institutional and retail adoption both on the rise. The government’s first comprehensive crypto law, enacted in 2023, set nationwide standards for virtual asset service providers and gave the central bank direct oversight, fostering institutional confidence while enabling more sophisticated investment products.
Since regulatory clarity, Brazilian financial giants such as Itaú Unibanco have launched retail crypto trading, and the nation approved landmark products like the first spot XRP ETF and locally-issued real-pegged stablecoins. All digital asset custody, trading, and investment products offered by Itaú are managed with industry-leading security and compliance frameworks.
Tax Policy and Regulatory Challenges
Along with robust adoption, Brazil’s crypto investors have faced shifting tax regimes. While 2025’s flat 17.5% capital gains tax on crypto replaced previous exemptions, backlash was swift, and the policy was revoked within weeks, underscoring ongoing regulatory evolution and the need for adaptable investment approaches.
Strategic Vision: Alpha, Innovation, and Accessibility
Itaú Asset’s investment in its crypto division demonstrates a long-term commitment to financial innovation and digital inclusion. Leveraging leadership from the crypto-native sector, the firm will provide both fixed-income and high-growth digital products, making secure digital asset access available to Brazil’s expanding investor base.
As Brazil cements its role as a global crypto leader, Itaú Asset’s dedicated crypto desk is poised to deliver institutional-grade solutions, helping clients navigate the fast-evolving digital finance landscape.