B3 Sa - Brasil, Bolsa, Balcao · BMFBOVESPA:B3SA3
B3 Sa - Brasil, Bolsa, Balcao — B3 S.A. - Brasil, Bolsa, Balcão — Investor Presentation (September 2025)
16 slides from B3 Sa - Brasil, Bolsa, Balcao's investor presentation, September 2025
Slide 1: B3 Week
B3 Week
Slide 2: Crypto ETFs Timeline
Crypto ETFs Timeline Launch of SOLH11, QSOL11 and ETHA39 Launch of NBIT11, EBIT11 Investo and HODL11 Launch of NBIT11, EBIT11 and HODL11 Nubank, Empiricus, and enterEmpiricus, Brazil’s crypto The history of crypto ETFs in Brazil Solana ETFs begin trading on B3, alongside the debut of Nubank, ETF mar
Slide 3: Crypto Market in Brazil
Crypto Market in Brazil Crypto ETFs 7 ETFs + 1 BDR 10 ETFs HASH11 BITH11 META11 DEFI11 FOMO11 ETHE11 SOLH11 WEB311 GBTC11 XRPH11 2 ETFs + 1 BDR With Buena Vista 4 ETFs QBTC11 QSOL11 QETH11 QDFI11 2 ETFs 3 ETFs BLOK11 NFTS11 HODL11 1 ETF BDR of ETF 9 ETFs 2 BDRs 1 ETF 1 ETF IBIT39 ETHA39 EBIT11 BITI1
Slide 4: 24 ETFs in total
Crypto ETFs in Brazil ADTV ($ Million) What about the numbers? 24 ETFs in total +210K Investors Segmentation by Investor Type Investors Count (Thousand) 34% 30% 1% 36% Source: B3
Slide 5: A growing and maturing market
A growing and maturing market Institutional adoption is on the rise Segmentation by Investor type (2024) Segmentation by Investor Type (2025) 13% 34% 30% 47% 37% 1% 36% 2% $8.2MM $24.8 MM ADTV in July 2024 ADTV in July 2025 Source: B3
Slide 6: Crypto funds show resilience
Crypto funds show resilience Despite the decline in risk assets allocation Brazilian Funds NNM by category (% of AUM) Brazilian crypto related funds attracted net positive inflows even in a Risk-off trend since 2022 While Equities and Hedge Funds combined for $150 B in outflows during the same period
Slide 7: Crypto Market in Brazil
Crypto Market in Brazil 1st National Survey Crypto is already one of the most popular forms of investment in Brazil² +600 K Crypto Investors through ETFs and Funds¹ $2.4 B Crypto is now more popular than the dollar, government bonds, gold, from Brazil’s regulated crypto market¹ and stocks 2.3x More
Slide 8: What changed with CVM 175?
What changed with CVM 175? The CVM Rule 175 modernized the investment fund industry in Brazil but established new rules for allocation in digital assets Crypto ETFs listed on B3 are classified as local securities… ...therefore, crypto ETFs in Brazil are not subject to KEY POINT the 10% limit on crypt
Slide 9: Crypto Futures in Brazil
Crypto Futures in Brazil ADTV ($ MM) What about the numbers? Bitcoin Future July 2025 Bitcoin Futures 50,016 contracts in open interest and an ADTV of $757 MM ADTV ($ MM) Ethereum Futures Open Interest ADTV 974 $10 MM Solana Futures Open Interest ADTV 301 $16 MM Source: B3
Slide 10: B3 Crypto Pipeline
B3 Crypto Pipeline Key Developments OPTIONS ON CRYPTO CAPITAL EFFICIENCY - NEW OPTIONS ON CRYPTO ETFS FUTURES RISK MODEL Simple and regulated entry Unlocks advanced institutional Margin offsets between ETFs point for crypto derivatives in strategies: spreads, arbitrage, and futures reduce capital Br
Slide 11: Opportunity size - Crypto Futures
Opportunity size - Crypto Futures Comparison with U.S Market and Onchain $774.4 million $72.5 $491.4 billion in ADTV from crypto futures in B3 in July 2025 in ADTV from crypto futures in U.S in July 2025 billion in on-chain perpetuals volume traded in July 2025
Slide 12: Opportunities
Opportunities Unlocking value in the brazilian market CASH AND CARRY ARBITRAGE B3 MARKET MAKING Spot ETF buying and futures PROGRAM selling Primary x Secondary Arbitrage opportunity between ETF Benefits NAV and its trading price. Institutions that participate in the autonomous programs are offered fe
Slide 13: Arbitrage: Primary x Secondary
BITH11 vs BITHIV Arbitrage Primary x Secundary When we compare an ETF's value in the primary market with its trading price on the secondary market , a spread often appears that can be arbitraged. The strategy is to exploit the tendency of the market price to converge back to its fair value. Chart Ex
Slide 14: Arbitrage: Spot x Futures
BITH11 vs QBTU5 Arbitrage Spot x Futures This strategy exploits the price discrepancies between an asset in the spot market and its corresponding futures contract. Factors such as local interest rates and market expectations cause futures to trade at a premium or a discount relative to the spot pric
Slide 15: Arbitrage: Onshore x Offshore
BITH11 vs DEFI US Arbitrage Onshore x Offshore We compare Bitcoin ETFs in Brazil against their US counterparts to spot pricing inefficiencies. Factors like local capital flow and liquidity can cause their performances to diverge temporarily, creating arbitrage opportunities. HODL11 vs HODL US The char
Slide 16: B3 Market Making Program
B3 Market Making Program About the program Slots B3's Market Maker program is Group Market Market Market Max. Min. Min. Act Ticker Slots Availabl Discount designed to increase liquidity and (Combo) Maker 1 Maker 2 Maker 3 Spread Quantity during e market efficiency for specific assets. BITH11 7 6 2 LAK
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