A new investment fund from Vitreo promises to invest in blockchain companies.
The fund, called Vitreo Blockchain FIA BDR Level I Shares, was launched this Friday (30) with a minimum investment of R$100. Some of the shares in the fund are from Tesla, Paypal, Advanced Micro Devices and IBM.
According to Vitreo, the fund is “the first in the Brazilian market aimed at all investor profiles”. It charges a 0.9% administration fee and a 10% performance fee on the excess of the S&P 500 index.
Vitreo recalls that “blockchain technology serves as the basis for the constitution of cryptocurrencies, but it also serves as a database for decentralized digital asset transactions.” To Vitreo’s partner and head of management, George Wachsmann,
“These are companies that will impact the economy in a multi-sector way in the coming decades, but with expectations of a return in the medium term.”
The launch of Vitreo is another of the sea of investment products related to cryptocurrencies and blockchain that have recently emerged in Brazil. Interest in the sector in 2021 grew due to Bitcoin highs over the last year. Even taking into account the cryptocurrency’s recent declines, it has grown 252% in the past 365 days, according to Coingecko.
One of the companies that became interested in the crypto sector was Itaú, which, in May, announced the preparation of a fund linked to the sector after the success of ETF HASH11, the first cryptocurrency ETF in Brazil, managed by HashDex.
BTG Pactual also advanced into the crypto space, with the launch of a bitcoin fund in the same month. At the end of June, it was XP Investimentos’ turn to announce its own fund.
The creation of investment products in crypto should receive another boost, after the Brazilian Securities and Exchange Commission (CVM) reveals that it is studying the alteration of a rule that should facilitate the entry of new companies in the sector.