Itaú Unibanco Expands Cryptocurrency Services in Brazil

TLDR

• Itaú launched its first dedicated crypto asset management structure.
• The BITI11 ETF holds approximately R$850 million in assets.
• Itaú partners with Amazon for cryptocurrency custody services.

Itaú Unibanco, Brazil’s largest private bank, has been making significant strides in the cryptocurrency sector. Despite reports suggesting a 3% Bitcoin allocation recommendation, no primary source from Itaú confirms this. The bank’s focus remains on its expanding crypto division under Itaú Asset Management.

In September 2025, Itaú Asset Management announced the launch of its first dedicated structure for managing crypto assets. The announcement emphasized regulated products such as ETFs, mutual funds, and derivatives centered around cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). These developments are part of the bank’s strategy to cater to the growing interest in digital assets.

Expansion of Cryptocurrency Services

Since December 2023, Itaú has been offering BTC and ETH trading through its ÍON app. Additionally, the bank provides custody services for these cryptocurrencies. This move positions Itaú as a key player in the digital asset market in Brazil, as it continues to enhance its services in response to market demand.

The bank’s introduction of the BITI11 BTC ETF further exemplifies its commitment to cryptocurrency investment. The fund holds approximately R$850 million (~$150M USD) in assets as of September 2025. This ETF allows investors to engage with Bitcoin through regulated financial products, contributing to broader access and acceptance.

Regulatory and Institutional Framework

The expansion of Itaú’s crypto services is supported by Brazil’s regulatory environment. In particular, Banco Central do Brasil (BCB) facilitated this through Resolutions 519-521 of 2025, under the 2022 Virtual Assets Law. This legal framework requires virtual asset service provider (VASP) licensing, underscoring the serious regulatory landscape emerging in Brazil.

Itaú partners with Amazon Managed Blockchain for its custody services, leveraging technology to secure cryptocurrency assets. This collaboration highlights the use of advanced technological solutions to streamline and safeguard digital asset management.

Focus on Bitcoin and Ethereum

The bank’s activities primarily involve Bitcoin and Ethereum, with trading and custody services focusing on these leading cryptocurrencies. Itaú’s products, like the BITI11 ETF, predominantly track the Bloomberg Galaxy Bitcoin Index, offering structured investment channels for Bitcoin exposure.

While Bitcoin and Ethereum continue to be at the forefront of Itaú’s investment strategies, the bank’s foray into offering staking strategies and derivatives implies potential future expansions into other proof-of-stake assets. However, specific details on alternative coins remain limited beyond BTC, ETH, and XRP.

Continued Crypto Innovations

Further illustrating Itaú’s commitment to cryptocurrency innovation is the leadership of João Marco Braga da Cunha. Previously an executive at Hashdex specializing in ETF innovation, he now leads the crypto division, bringing valuable expertise to Itaú’s crypto asset management initiatives.

Although unconfirmed reports mention a $210M BTC “strategic reserve” investment in April 2025, no official statements from Itaú validate these claims. The bank’s confirmed focus remains on enhancing access to cryptocurrencies through regulated, institutional avenues.