Corporate clients, predominantly small and medium-sized enterprises (SMEs), now hold between 10% and 15% of all assets under custody at Mercado Bitcoin, Brazil's leading cryptocurrency exchange. Daniel Cunha, the firm's Head of Corporate Development, revealed this significant institutional footprint.
"These companies typically move less than 10% of their holdings at any given time," Cunha stated in an interview with CoinDesk during the exchange's DAC 2025 conference. "Their strategy is long-term holding, not active trading."
According to Cunha, the primary motivation for these firms is to shield their cash reserves from global economic volatility, including rising inflation, currency devaluation, and geopolitical risks, using Bitcoin (BTC) as a treasury asset.
This corporate trend gained momentum following high-profile adoptions by companies like MicroStrategy (MSTR), which now holds 639,835 BTC, making it the world's largest corporate holder. While publicly-traded companies collectively hold over 1 million BTC, data on SME holdings remains largely unreported.
Cunha did not disclose specific figures for Mercado Bitcoin's corporate holdings. Brazil ranks fifth globally in crypto adoption, yet currently has only one publicly-listed company, Méliuz, holding BTC. This is set to change with OranjeBTC's upcoming listing on Brazil's B3 exchange, positioning it as the country's largest corporate BTC holder with a $400 million treasury.
These corporate clients are not pursuing high yields or experimenting with altcoins, Cunha emphasized. Instead, they are concentrating on Bitcoin (BTC) and stablecoins like USDT and USDC for conservative treasury management, not speculation.
The increase in institutional activity is also contributing to reduced volatility in crypto markets, making Bitcoin a more attractive asset for corporate treasurers. Despite this growth, the enterprise segment in Brazil is still in its early stages of crypto adoption.
"The major players in Faria Lima, São Paulo's financial district, are still on the sidelines," Cunha noted. "They haven't entered the market yet. This is just the beginning."