The Empiricus Teva Bitcoin ETF (EBIT11) is a Brazilian exchange-traded fund designed to track the performance of the EBIT – Teva Bitcoin Index, a benchmark developed by Teva Indices to measure the returns of Bitcoin (BTC). 

Managed by Empiricus Asset Management and administered by BTG Pactual Serviços Financeiros, the ETF trades under the ticker EBIT11 on the B3 and provides investors with regulated, exchange-traded exposure to the world's largest cryptocurrency.

Classified as a digital asset ETF, EBIT11 follows a passive management strategy. The fund seeks to track the performance of Bitcoin without requiring investors to purchase the cryptocurrency directly through an exchange or manage digital wallets and private keys.

The EBIT – Teva Bitcoin Index consists exclusively of Bitcoin and is designed to measure its returns according to the methodology established by Teva Indices. The benchmark is rebalanced annually in April.

Composition / Exposure Profile

EBIT11 provides exposure primarily to:

• Bitcoin (BTC).

• The global cryptocurrency market.

• Bitcoin price movements in international markets.

• The ecosystem associated with the Bitcoin blockchain.

• Currency exposure resulting from Bitcoin's global pricing.

Unlike diversified cryptocurrency ETFs, EBIT11 follows a single-asset strategy concentrated exclusively on Bitcoin. Its performance is therefore directly tied to BTC price movements and does not benefit from diversification across multiple cryptocurrencies.

B3 identifies EBIT11 as an ETF whose price is exposed to currency fluctuations. As a result, exchange-rate movements can affect returns for Brazilian investors alongside changes in Bitcoin's underlying market value.

Structure and Costs

EBIT11 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 0.39% and does not charge a performance fee.

EBIT11 does not make recurring income distributions. Because Bitcoin itself does not generate dividends or interest, the fund's returns primarily reflect changes in the value of its underlying Bitcoin exposure. The ETF has an indefinite term.

History and Evolution of the ETF

The Empiricus Teva Bitcoin ETF was launched in 2025 to provide Brazilian investors with regulated, exchange-traded exposure to Bitcoin through the B3.

EBIT11 marked Empiricus Asset's entry into the single-asset Bitcoin ETF segment, complementing its existing presence in Brazil's digital asset investment market. The product was structured with BTG Pactual serving as administrator and custodian.

Since its launch, EBIT11's performance has primarily reflected movements in Bitcoin's global market price, with returns influenced by international liquidity conditions, monetary policy, institutional demand, capital flows into Bitcoin investment products, regulatory developments, and the broader supply-and-demand dynamics of the digital asset market.

Additional Information

Empiricus Teva Bitcoin ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $139.13 million.

Over the past 12 months, Empiricus Teva Bitcoin ETF recorded a return of -37.00%, with its price trading between $50.25 and $111.43 during the same period.

The ETF is traded under the ticker EBIT11.