Key Takeaways
- • Galaxy Digital Holdings and Itaú Asset Management launched the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11) on Brazil's B3 Stock Exchange on November 10, 2022, marking the entry of a major cryptocurrency asset manager into Latin America's largest private asset management platform.
- • The partnership delivers physically backed Bitcoin exposure to Brazilian institutional and retail investors, with plans to expand the ETF suite into additional digital asset strategies over time.
- • Itaú Asset Management, the largest private asset manager in Latin America, is leveraging Galaxy's cryptocurrency and blockchain expertise to address growing regional demand for institutional-grade digital asset products.
- • The collaboration represents a strategic alignment between traditional finance infrastructure (Itaú's established distribution and regulatory presence) and specialized crypto expertise (Galaxy's ~500 blockchain and cryptocurrency professionals), positioning both firms to capture emerging institutional demand in Brazil's crypto economy.
Summary
Galaxy Digital Holdings and Itaú Asset Management announced a strategic partnership to develop cryptocurrency exchange-traded funds for the Brazilian market, with the first product launching on November 10, 2022. The IT Now Bloomberg Galaxy Bitcoin ETF (BITI11) began trading on the B3 Stock Exchange, offering investors physically backed exposure to Bitcoin through Itaú Asset's established IT Now Series ETF platform.
The partnership pairs Galaxy's specialized digital asset expertise with Itaú Asset's position as Latin America's largest private asset manager and distribution infrastructure. Galaxy, a TSX-listed financial services firm with approximately 500 blockchain and cryptocurrency professionals, provides the underlying asset management and cryptocurrency infrastructure. Itaú Asset contributes its regulatory standing, institutional client base, and market access within Brazil's financial system.
Steve Kurz, Global Head of Asset Management at Galaxy, framed the partnership as a response to institutional demand in the region, stating: "We are thrilled to partner with Itaú Asset to bring institutional grade crypto ETF products to the Brazilian market." Renato Eid Tucci, Head of Beta Strategy and ESG Integration at Itaú Asset, emphasized the firms' commitment to diversified solutions, noting they aim "to offer the best solutions to our clients to meet their investment needs in a diversified way and with an international scope."
The initial Bitcoin ETF serves as the foundation for a broader product roadmap. Both firms explicitly committed to expanding the suite beyond Bitcoin to include additional diversified digital asset strategies, though specific products and timelines were not detailed in the announcement. This phased approach allows the partnership to establish market presence and operational infrastructure before scaling the offering.
The launch reflects a broader institutional acceptance of cryptocurrency products in traditional finance vehicles, with the partnership combining specialized crypto competency with established asset management distribution in a major emerging market.
The partnership pairs Galaxy's specialized digital asset expertise with Itaú Asset's position as Latin America's largest private asset manager and distribution infrastructure. Galaxy, a TSX-listed financial services firm with approximately 500 blockchain and cryptocurrency professionals, provides the underlying asset management and cryptocurrency infrastructure. Itaú Asset contributes its regulatory standing, institutional client base, and market access within Brazil's financial system.
Steve Kurz, Global Head of Asset Management at Galaxy, framed the partnership as a response to institutional demand in the region, stating: "We are thrilled to partner with Itaú Asset to bring institutional grade crypto ETF products to the Brazilian market." Renato Eid Tucci, Head of Beta Strategy and ESG Integration at Itaú Asset, emphasized the firms' commitment to diversified solutions, noting they aim "to offer the best solutions to our clients to meet their investment needs in a diversified way and with an international scope."
The initial Bitcoin ETF serves as the foundation for a broader product roadmap. Both firms explicitly committed to expanding the suite beyond Bitcoin to include additional diversified digital asset strategies, though specific products and timelines were not detailed in the announcement. This phased approach allows the partnership to establish market presence and operational infrastructure before scaling the offering.
The launch reflects a broader institutional acceptance of cryptocurrency products in traditional finance vehicles, with the partnership combining specialized crypto competency with established asset management distribution in a major emerging market.
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