Corporate clients, primarily small and medium-sized businesses, account for 10% to 15% of all assets in detention for Mercado Bitcoin, Brazil’s largest crypto exchange.
“These companies barely move more than 10% of their holdings at any time,” Cunha told Coindesk in an interview at Exchange’s DAC 2025 conference. “They are here to hold, not trade.”
Companies use mainly Bitcoin to protect their cash reserves from global volatility, he said, citing growing concerns over inflation, currency devaluation and geopolitical instability.
This trend increased when companies like Strategy (MSTR) began to adopt Bitcoin as their financial assets. The strategy currently holds 639,835 BTC, making it the world’s largest corporate holder. Overall, publicly available companies have over 1 million BTC, but it is unclear how much SMEs own.
Cunha did not reveal the exact figures these companies hold at Mercado Bitcoin. Brazil has a history of adopting cryptocurrency, ranking fifth in Chain Orisis. Oranjebtc is set to be listed soon on Brazil’s B3 Exchange, becoming Cryptocurrency’s largest publicly traded company holder in the country, bringing the Ministry of Finance to $400 million.
Cunha said these companies are managing the Treasury Department with a focus on BTC and Stablecoins such as USDT and USDC, rather than chasing Altcoins or experimenting with Altcoins. These holdings serve conservative cash management purposes rather than speculative theatre.
Increased institutional activity also has side effects. It reduces the overall volatility of the crypto market, Cunha said. This makes Bitcoin a more attractive option for finance professionals, despite the Brazilian enterprise segment still beginning to adopt crypto.
“Farialima big names? They’re on the sidelines,” he said. “They haven’t moved yet. It’s all waiting for it to happen.”
