Key Takeaways
- • Galaxy Digital Holdings and Itaú Asset Management announced a strategic partnership to develop a suite of Brazilian-listed, physically backed digital asset exchange-traded funds.
- • The first product, the IT Now Bloomberg Galaxy Bitcoin ETF (ticker BITI11), began trading on the B3 Stock Exchange on November 10, 2022, as part of Itaú Asset's IT Now Series.
- • Galaxy's asset-management arm managed $2.04 billion as of October 31, 2022, across passive, active, and venture strategies.
- • Itaú Asset, Latin America's largest private asset manager with approximately $165 billion in AUM, is positioning the launch as institutional-grade crypto access for Brazilian investors.
Summary
Galaxy Digital Holdings Ltd. and Itaú Asset Management ("Itaú Asset") have announced a strategic partnership to develop a comprehensive suite of Brazilian-listed, physically backed digital asset exchange-traded funds, according to the companies' announcement. Galaxy describes itself as a financial services and investment management provider focused on digital assets, cryptocurrency, and blockchain technology, while Itaú Asset is the investment fund management arm of Itaú Unibanco.
The first product in the partnership, the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11), began trading at the market open on November 10, 2022, on the B3 Stock Exchange. The fund is part of Itaú Asset's broader ETF suite, the IT Now Series, and initially offers investors exposure to Bitcoin, the largest cryptocurrency by market capitalization. The companies aim to expand the suite over time to include other diversified strategies in the digital asset space.
Galaxy's asset-management arm managed $2.04 billion as of October 31, 2022, across passive, active, and venture strategies. Itaú Asset, founded in 1957, is currently Latin America's largest private asset manager with approximately $165 billion in AUM and roughly 300 professionals across São Paulo, Rio de Janeiro, New York, and Santiago, Chile.
Steve Kurz, Global Head of Asset Management at Galaxy, said the partnership aims to satisfy strong regional demand for high-quality education and access to the growing crypto economy. Renato Eid Tucci, Head of Beta Strategy and ESG Integration at Itaú Asset, said the partnership combines Itaú Asset's more than 60 years of credibility with Galaxy's experience in the global digital asset space.
The first product in the partnership, the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11), began trading at the market open on November 10, 2022, on the B3 Stock Exchange. The fund is part of Itaú Asset's broader ETF suite, the IT Now Series, and initially offers investors exposure to Bitcoin, the largest cryptocurrency by market capitalization. The companies aim to expand the suite over time to include other diversified strategies in the digital asset space.
Galaxy's asset-management arm managed $2.04 billion as of October 31, 2022, across passive, active, and venture strategies. Itaú Asset, founded in 1957, is currently Latin America's largest private asset manager with approximately $165 billion in AUM and roughly 300 professionals across São Paulo, Rio de Janeiro, New York, and Santiago, Chile.
Steve Kurz, Global Head of Asset Management at Galaxy, said the partnership aims to satisfy strong regional demand for high-quality education and access to the growing crypto economy. Renato Eid Tucci, Head of Beta Strategy and ESG Integration at Itaú Asset, said the partnership combines Itaú Asset's more than 60 years of credibility with Galaxy's experience in the global digital asset space.
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