Galaxy Partners with Itaú Asset to Launch Crypto ETF in Brazil

Galaxy Digital Holdings Ltd., a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, and Itaú Asset Management ("Itaú Asset") the largest private asset manager in Latin America, announced a strategic partnership to develop a comprehensive suite of Brazilian-listed, physically backed, digital asset exchange-traded funds.

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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 Digital and Itaú Asset aim to expand the suite over time to include other diversified strategies in the digital asset space.

"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 Digital. "Our shared mission is to satisfy the strong demand in the region for high-quality education and access to the growing crypto economy."

"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 Digital as one of the most experienced players in the global digital asset space."

Source: Markets Media