Corporate clients, predominantly small and medium businesses, hold between 10% and 15% of total assets on Mercado Bitcoin, Brazil’s leading cryptocurrency exchange. This insight comes from Daniel Cunha, the head of corporate development at the exchange, during an interview conducted at the DAC 2025 conference.
Cunha highlighted that these corporate entities are not in the market to aggressively trade but rather to secure their assets. “These companies typically do not move more than 10% of their holdings at any time,” he stated. “Their primary aim is to hold onto their assets instead of trading them.”
The primary reason behind this strategy is the use of bitcoin to safeguard cash reserves against global economic fluctuations. This includes concerns regarding inflation, currency depreciation, and geopolitical tensions, which have prompted businesses to adopt cryptocurrencies as a means of protecting their financial standing.
The trend of companies investing in bitcoin was catalyzed by the pioneering move of firms like MicroStrategy (MSTR), which recognized the potential of bitcoin as a corporate treasury asset. Currently, MicroStrategy stands as the largest corporate holder of bitcoin, boasting a staggering 639,835 BTC in its treasury. Collectively, publicly-traded companies have amassed over 1 million BTC; however, the exact holdings of small and medium enterprises on Mercado Bitcoin remain unspecified.
Interestingly, Brazil has established itself as a significant player in cryptocurrency adoption, ranking fifth in the Global Crypto Adoption Index published by Chainalysis. Despite this strong showing, the nation has only one publicly-listed company, Méliuz, known for holding bitcoin. However, the company OranjeBTC is set to change this landscape by soon listing on Brazil’s B3 exchange, positioning itself to become the largest publicly traded corporate owner of bitcoin in the country, with an estimated $400 million in assets.
Cunha also noted that these businesses are prioritizing bitcoin and stablecoins, such as USDT and USDC, for their treasury strategies. This conservative approach is mainly directed towards cash management rather than speculative trading, reflecting a growing trend of institutional adoption in the crypto ecosystem.
Additionally, the increasing involvement from institutional clients is contributing to a decrease in overall cryptocurrency market volatility. “As we see more institutions engaging, the market becomes less volatile, making bitcoin more attractive for treasurers,” Cunha explained. However, he acknowledged that the corporate segment in Brazil is still at an early stage of engaging with digital assets.
“The major players in Faria Lima? They are still on the sidelines,” said Cunha, referencing São Paulo’s financial district, which is often compared to Wall Street. “They haven’t made their moves just yet. There is still a lot of potential waiting to be realized.”
As Brazil’s landscape continues to evolve, the gradual participation of more corporate entities in cryptocurrency markets holds promise for future growth and stability in the sector.
