Key Takeaways
- • Galaxy Digital 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 first physically backed cryptocurrency ETF product from this partnership.
- • Itaú Asset Management, Latin America's largest private asset manager, partnered with Galaxy Digital to bring institutional-grade crypto ETF products to the Brazilian market, addressing strong regional demand for digital asset exposure.
- • The initial Bitcoin ETF is structured as the first product in a comprehensive suite, with Galaxy and Itaú Asset planning to expand into diversified digital asset strategies over time.
- • The partnership combines Galaxy's expertise in digital asset and blockchain investment management with Itaú Asset's distribution capabilities and institutional client relationships across Latin America.
- • The ETF launch reflects growing institutional adoption of cryptocurrency products in emerging markets, with the partnership targeting both investor education and access to the expanding crypto economy.
Summary
Galaxy Digital Holdings Ltd. and Itaú Asset Management announced a strategic partnership on November 10, 2022, to develop and launch a suite of Brazilian-listed, physically backed digital asset exchange-traded funds. The first product from this collaboration, the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11), commenced trading on Brazil's B3 Stock Exchange on the same day, providing investors with direct exposure to Bitcoin, the largest cryptocurrency by market capitalization.
Itaú Asset Management, identified as Latin America's largest private asset manager, brings substantial institutional distribution capabilities to the partnership, while Galaxy Digital contributes specialized expertise in digital assets, cryptocurrency, and blockchain technology investment management. Steve Kurz, Global Head of Asset Management at Galaxy, stated that the partnership aims to "satisfy the strong demand in the region for high-quality education and access to the growing crypto economy," indicating both market demand and an educational component to the product rollout.
The initial Bitcoin ETF represents the foundation of a broader product roadmap. Galaxy and Itaú Asset Management have signaled plans to expand the IT Now Series to include additional diversified digital asset strategies, though specific timelines and products were not disclosed in the announcement. Renato Eid Tucci, Head of Beta Strategy and ESG Integration at Itaú Asset, emphasized the partnership's focus on offering "the best solutions to our clients to meet their investment needs in a diversified way and with an international scope," positioning the collaboration as part of Itaú's broader international investment strategy.
The launch represents a significant institutional entry point for cryptocurrency investment in Brazil, combining traditional financial infrastructure with digital asset exposure through a regulated ETF structure. The partnership underscores growing appetite among major Latin American financial institutions to integrate cryptocurrency products into their asset management offerings.
Itaú Asset Management, identified as Latin America's largest private asset manager, brings substantial institutional distribution capabilities to the partnership, while Galaxy Digital contributes specialized expertise in digital assets, cryptocurrency, and blockchain technology investment management. Steve Kurz, Global Head of Asset Management at Galaxy, stated that the partnership aims to "satisfy the strong demand in the region for high-quality education and access to the growing crypto economy," indicating both market demand and an educational component to the product rollout.
The initial Bitcoin ETF represents the foundation of a broader product roadmap. Galaxy and Itaú Asset Management have signaled plans to expand the IT Now Series to include additional diversified digital asset strategies, though specific timelines and products were not disclosed in the announcement. Renato Eid Tucci, Head of Beta Strategy and ESG Integration at Itaú Asset, emphasized the partnership's focus on offering "the best solutions to our clients to meet their investment needs in a diversified way and with an international scope," positioning the collaboration as part of Itaú's broader international investment strategy.
The launch represents a significant institutional entry point for cryptocurrency investment in Brazil, combining traditional financial infrastructure with digital asset exposure through a regulated ETF structure. The partnership underscores growing appetite among major Latin American financial institutions to integrate cryptocurrency products into their asset management offerings.
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