Galaxy Digital Holdings and Itaú Asset Management have announced a strategic partnership to develop a comprehensive suite of Brazilian-listed, physically backed, digital asset exchange-traded funds.
The first ETF of this new partnership, the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11), will start trading at the market’s open on November 10, 2022, on the B3 Stock Exchange as part of Itaú Asset’s broader ETF suite, the IT Now Series.
The initial product will offer investors exposure to Bitcoin, the largest cryptocurrency by market cap. Galaxy and Itaú Asset aim to expand the suite over time to include other diversified strategies in the digital asset space.
Galaxy is a premier provider of investment and financial services for institutions looking to access the digital asset space. The Company’s asset-management arm manages $2.04 billion as of October 31, 2022, across passive, active, and venture strategies.
“We are thrilled to partner with Itaú Asset to bring institutional grade crypto ETF products to the Brazilian market,” said Steve Kurz, Global Head of Asset Management at Galaxy.
“Our shared mission is to satisfy the strong demand in the region for high-quality education and access to the growing crypto economy.”
Itaú Asset is Itaú Unibanco’s investment fund management company. Founded in 1957, it has been operating for over 60 years and is currently Latin America’s largest private asset manager with approximately $165 billion in AUM. Approximately 300 professionals work in offices across São Paulo and Rio de Janeiro, New York, and Santiago, Chile.
Among the firm’s institutional strengths are its diversified investment strategies, built on the firm’s deep research capabilities and sophisticated analysis.
“We aim to offer the best solutions to our clients to meet their investment needs in a diversified way and with an international scope,” said Renato Eid Tucci, Head of Beta Strategy and ESG Integration at Itaú Asset.
“This partnership combines the solidity and credibility that we have built over more than 60 years at Itaú Asset with the strength and expertise of Galaxy as one of the most experienced players in the global digital asset space.”