The BTG Pactual Teva Bitcoin ETF (BITC11) is a Brazilian exchange-traded fund designed to track the performance of the Teva Bitcoin Index, a benchmark developed to measure the returns of Bitcoin (BTC). Managed by BTG Pactual Asset Management, the ETF trades under the ticker BITC11 on the B3 and provides investors with regulated, exchange-traded exposure to the world's largest cryptocurrency.

Classified as a digital asset ETF, BITC11 follows a passive management strategy. The fund seeks to track the performance of its benchmark, providing exposure to Bitcoin without requiring investors to purchase and custody the cryptocurrency directly or manage private keys and digital wallets.

The Teva Bitcoin Index consists exclusively of Bitcoin, which represents 100% of its theoretical portfolio at each rebalancing. The benchmark is rebalanced annually in April and is designed to reflect the performance of Bitcoin in the global digital asset market.

Composition / Exposure Profile

BITC11 provides exposure primarily to:

• Bitcoin (BTC).

• The global cryptocurrency market.

• The Bitcoin blockchain ecosystem.

• Bitcoin price movements in international markets.

• Currency exposure resulting from Bitcoin's global pricing.

Unlike diversified cryptocurrency ETFs, BITC11 concentrates its investment strategy on a single digital asset. Its performance is therefore closely tied to movements in the price of Bitcoin and does not benefit from diversification across multiple cryptocurrencies.

Bitcoin is a decentralized digital asset with a maximum supply capped at 21 million coins. Its market value is determined by global supply and demand and can experience substantial price volatility over relatively short periods.

As a result, BITC11's performance is influenced by global liquidity conditions, institutional adoption of Bitcoin, monetary policy, capital flows into cryptocurrency investment products, regulatory developments, blockchain network activity, and broader investor sentiment toward digital assets. Because BITC11 trades in Brazilian reais while Bitcoin is predominantly priced globally in U.S. dollars, exchange-rate movements can also affect returns for Brazilian investors.

Structure and Costs

BITC11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption are conducted according to the procedures established by the ETF structure.

The fund charges an annual management fee of 0.65%, in addition to other operating expenses and charges established in its governing documents.

BITC11 does not make recurring income distributions. Bitcoin itself does not generate dividends or interest, meaning the fund's returns primarily reflect changes in the value of its underlying exposure. The ETF has an indefinite term.

History and Evolution of the ETF

The BTG Pactual Teva Bitcoin ETF was launched to provide investors with exchange-traded access to Bitcoin through the Brazilian stock market without requiring direct cryptocurrency purchases or self-custody.

BITC11 joined Brazil's expanding cryptocurrency ETF market, which began developing rapidly in 2021, when the first crypto-focused ETFs started trading on the B3. Brazil subsequently became one of the early regulated markets to offer investors exchange-traded exposure to individual cryptocurrencies and diversified digital asset portfolios.

The global Bitcoin investment landscape changed significantly in 2024 following the introduction of spot Bitcoin ETFs in the United States, contributing to broader institutional access to the asset. More recently, Bitcoin's market dynamics have continued to reflect institutional demand, global liquidity, monetary policy expectations, regulatory developments, and the broader cycles of the cryptocurrency market.

Additional Information

BTG Pactual Teva Bitcoin ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $53.50 million.

Over the past 12 months, BTG Pactual Teva Bitcoin ETF recorded a return of -, with its price trading between $49.76 and $78.50 during the same period.

The ETF is traded under the ticker BITC11.