For those who bet on cryptocurrencies as an investment alternative, good news: Bitcoin tripled in value in the first half of this year, reaching a growth of 330%.
Still a novelty in Brazil, funds that invest their portfolio in cryptocurrencies already surpass the mark of R $ 100 million in equity, helped by the rise in the dollar – which caused the value, in reais, of bitcoins and the like – to skyrocket – and by the process popularization of these applications.
According to a survey by QR Asset Management, one of the three managers in the segment operating in the country, the seven vehicles open to Brazilian investors have R $ 116.5 million in equity.
Although crypto assets are not regulated in Brazil, the Securities and Exchange Commission (CVM) has allowed investors to indirectly expose themselves to them since 2018, through local funds that invest part of their assets abroad.
Considering only the assets actually allocated to crypto assets in these funds, the amount is R $ 84.9 million. This is because most funds invest only part of the resources in the class. The two most accessible funds, open to any investor, have only 20% exposure to cryptocurrencies. This is the case of the Cryptographic BLP, of the BLP manager, and of Discovery, of Hashdex. The latter has a minimum investment of only R $ 500 and became, last week, the first fund of its kind available on the XP Investimentos shelf.
In the case of these vehicles, the rest of the equity is invested in fixed income assets.
The only funds with full equity exposure to cryptocurrencies are the two managed by Hashdex’s own QR Asset and Voyager. But these vehicles can only be accessed by qualified investors, those with equity of at least R $ 1 million in investments.
Despite the restrictions, the number of holders of cryptocurrency funds is growing. In January last year, there were only 371 in the country. Now there are 7,410.
— Investment funds are regulated and, therefore, are the safest way to invest in crypto assets. Especially because, in Brazil, this asset class is improperly used in many fraudulent investment offers – said Fernando Carvalho, partner at QR Asset.
Cryptocurrency funds are still incipient worldwide. In May, PwC consultancy estimated the equity of all crypto hedge funds at just US $ 2 billion. Even so, the amount is double that recorded in 2019. The average portfolio of these vehicles is US $ 44 million.
Source: O Globo.