BTG Pactual, known for its commitment to cryptocurrency services for customers, has entered into an agreement to purchase 100% of Orama’s shares, valued at 500 million Brazilian reais. This acquisition, subject to regulatory approvals, including from Brazil’s central bank, underscores BTG Pactual’s commitment to expanding its digital platforms and providing more diverse investment opportunities.
Marcelo Flora, BTG Pactual’s digital platforms partner, expressed excitement about the acquisition, highlighting the prospect of granting Orama customers access to the comprehensive BTG platform.
Founded in 2011, Orama boasts nearly 18 billion Brazilian reais in assets under custody and serves approximately 360,000 customers. While Orama primarily focuses on distributing investment funds and fixed-income products, it has also ventured into cryptocurrency investments.
Block3 Ativos Digitais FIM IE one-year price chart. Source: Bloomberg
In April 2022, Orama’s wealth management arm, Orama Singular, introduced the Block3 fund—an actively managed fund centered on digital assets. Block3 offers investors a diverse portfolio within the cryptocurrency industry, encompassing Bitcoin, tokens, derivatives, and more.
Notably, Orama’s digital asset fund has exhibited remarkable growth over the past year. It surged by over 30%, rising from 90.5 reais in October 2022 to 118.8 reais in September 2023, as reported by Bloomberg.
The Crypto Horizon for BTG Pactual
While the implications of BTG Pactual’s acquisition of Orama in terms of new crypto-related products remain uncertain, the bank has been actively involved in the crypto space in recent years. In April 2023, BTG Pactual revealed its intentions to launch BTG Dol—a stablecoin pegged to the US dollar at a 1:1 ratio, utilizing the bank’s custody services.
Additionally, BTG Pactual previously introduced a crypto trading app that enables its customers to directly invest in cryptocurrencies, solidifying its presence in the growing digital asset landscape.
BTG Pactual’s foray into the world of cryptocurrency reflects the evolving financial landscape, where traditional institutions are increasingly recognizing the value and potential of digital assets in their investment portfolios and service offerings.