Itaú Asset Management, Brazil’s largest private asset manager, has launched a dedicated crypto division as part of its expanding push into digital assets. The new unit will operate within its mutual funds arm, which manages over 117 billion reais (~$22 billion USD) across 15 investment desks.
The division will be led by João Marco Braga da Cunha, a former executive at crypto investment firm Hashdex. Cunha previously served as portfolio management director and brings experience in managing one of Brazil’s first crypto exchange-traded funds (ETFs).
“The crypto asset segment has unique characteristics for generating alpha,” Cunha said, citing the volatility and early-stage nature of the market as opportunities for investors.
Expanding Crypto Offerings
The new unit builds on Itaú Asset’s existing crypto-related products, including a Bitcoin ETF and a retirement fund that offers exposure to digital assets. The firm said it plans to roll out new crypto investment products, ranging from fixed-income-style instruments to higher-risk strategies like derivatives and staking-based funds.
This move is part of a broader digital asset strategy by Itaú Unibanco, the parent company, which began offering direct trading of 10 cryptocurrencies—including Bitcoin, Ether, Solana, and USD Coin—through its mobile app in late 2023. The bank also provides in-house custody for these assets.
Brazil’s Growing Role in Crypto
Brazil has become one of the most active crypto markets globally, ranking 10th in Chainalysis’ 2024 Global Crypto Adoption Index. The country implemented its first comprehensive crypto regulation in 2023, granting oversight of the sector to the central bank and establishing a legal framework for virtual asset service providers.
Recent milestones in Brazil’s crypto sector include:
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The launch of crypto trading for retail clients by Itaú Unibanco (Dec. 2023)
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Approval of the first spot XRP ETF by securities regulator CVM (Feb. 2025)
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Announcement of a real-pegged stablecoin by Braza Bank
While the country has seen strong regulatory momentum, some uncertainty remains. A June 2025 tax reform, which imposed a flat 17.5% tax on all crypto capital gains, was met with backlash and later revoked. The reform had aimed to eliminate previous exemptions and extend taxation to DeFi, NFTs, and self-custody holdings.
Featured image from: cointelegraph.com