Brazil’s largest private asset manager Itaú Asset Management has established its first dedicated crypto division, appointing João Marco Braga da Cunha, a former executive at Hashdex, to lead this new unit.
The division will operate within Itaú’s multidesk investment framework, managing over 117 billion reais ($21.6 billion) across 15 trading desks. The crypto team will collaborate with departments focused on equities, credit, and systematic strategies, aiming to enhance Itaú’s offerings in digital asset products.
Itaú has progressively entered the crypto market. Since 2022, it has provided a bitcoin exchange-traded fund (BITI11) and a retirement plan with BTC exposure. Alongside its Itaú Bitcoin Index fund, these products hold approximately 850 million reais ($152 million) in assets.
Recently, Itaú began facilitating direct cryptocurrency trading via its mobile app, including BTC and ETH, with in-house custody. The bank is also considering launching its own stablecoin.
The new unit is anticipated to introduce products ranging from fixed-income-style instruments to higher-risk funds associated with derivatives.
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