Bitcoin ETFs in Brazil: BITH11, QBTC11, or direct purchase?
Bitcoin ETFs in Brazil have made it possible to invest in the cryptocurrency through the B3 home broker without opening an account at an exchange, but this convenience comes at a price that many investors discover too late when filing their income tax returns. BITH11, QBTC11, and HASH11 follow different tax rules than those that apply to the direct purchase of Bitcoin, and this difference can represent thousands of reais more in taxes depending on the volume you trade per month.
What are the Bitcoin ETFs available in Brazil
An ETF (Exchange Traded Fund) is an investment fund traded on the stock exchange just like a stock. In the case of Bitcoin ETFs listed on the B3, the goal is to replicate the performance of Bitcoin without the investor needing to buy, store, or manage the cryptocurrency directly, as the purchase is made directly through the broker's home broker, in the same environment already familiar to the investor, with settlement in reais.
In Brazil, the two main funds exclusively focused on Bitcoin are BITH11 and QBTC11, in addition to HASH11, which replicates a diversified basket of crypto assets. Between the two pure Bitcoin ETFs, the most relevant difference for the individual investor is the annual management fee: BITH11 charges 0.70% per year, compared to 0.75% for QBTC11. For an investment of R$ 10,000, this represents about R$ 5 per year, which is not very significant in the short term, but meaningful over horizons of five years or more.
The factor that usually defines the choice in practice is the liquidity of each fund at the time of purchase, which varies according to the volume traded on the B3 during that session. On days with low liquidity, the spread between the bid price and the selling price of the shares may be larger than expected.
The difference that matters most: income tax
When purchasing Bitcoin directly on a regulated exchange, sales of up to R$ 35,000 per month are exempt from income tax on capital gains. Above this limit, the rate varies from 15% to 22.5% progressively, calculated on the profit, not on the total value sold. This means that an investor who sells R$ 20,000 in Bitcoin with a profit of R$ 4,000 pays nothing to the tax authorities, provided that the total sold in the month does not exceed the exemption ceiling.
With Bitcoin ETFs on the B3, this exemption does not exist. Any profit from the sale of shares is taxed at 15% income tax, regardless of the amount involved. Using the same example: a sale of R$ 20,000 with a profit of R$ 4,000 generates an obligation of R$ 600 in income tax. In both cases, the payment is made via DARF by the investor themselves, without automatic withholding at the source, by the last business day of the month following the sale.
Custody, hours, and control: what the exchange offers that the ETF does not
When you buy shares of BITH11 or QBTC11, the Bitcoin backing the fund is under the custody of the manager and the B3, meaning you do not have direct access to the cryptocurrency itself, only exposure to the asset's price.
In scenarios of regulatory intervention or operational problems with the manager, the investor depends on third parties to access the equivalent of their assets. When purchasing directly on a regulated exchange like WEEX, the Bitcoin acquired is registered in your account and can be transferred to a self-custody wallet at any time, returning full control over the asset to the investor.
There are also two practical advantages that the ETF does not offer. The first is the schedule: while the B3 operates only on business days from 10:00 AM to 6:00 PM, an exchange operates 24 hours a day, seven days a week, creating room to react to market movements outside of trading hours. The second is access to other crypto assets: those who buy Bitcoin directly on an exchange have access to Ethereum, stablecoins, and dozens of other digital assets on the same platform, without needing to open additional accounts.
ETF or exchange: how to decide based on your profile
The ETF makes more sense for those who already operate on the B3 and want to add exposure to Bitcoin without opening an account on a new platform, for those who trade volumes above R$ 35,000 per month and do not take advantage of the tax exemption benefit of direct purchase, or for those who prefer to delegate custody without dealing with the particularities of an exchange.
Direct purchase makes more sense for those who trade below the monthly exemption ceiling, want access to other crypto assets, or prioritize trading outside of market hours. For those who have not yet taken this step, the process is simpler than it seems: at WEEX, account opening is done in a few minutes with simplified verification, and the investor already has access to Bitcoin spot and dozens of other assets on the same platform, with deposits via PIX.
Conclusion
Bitcoin ETFs and direct exchange purchases are tools for different investor profiles. BITH11 and QBTC11 provide simplicity for those who already operate on the B3, but this convenience has a real cost: less efficient taxation and the absence of ownership of the asset. Direct purchase returns control, schedule flexibility, and a concrete tax advantage to the investor for those who trade up to R$ 35,000 per month.
With this in mind, the decision to choose between the two options depends on your current situation as an investor, so if you do not yet have an account on a regulated exchange and want to take this step, WEEX offers simplified opening, 24-hour liquidity, and access to Bitcoin spot and dozens of other assets.
FAQ
What is better: Bitcoin ETF or buying directly on an exchange?
It depends on your profile. The ETF is simpler for those who already operate on the B3, but it does not offer income tax exemption and does not deliver the actual Bitcoin. Direct purchase is more tax-efficient for those who sell up to R$ 35,000 per month and provides full control over the asset.
Do Bitcoin ETFs pay income tax in Brazil?
Yes. Any profit from the sale of Bitcoin ETF shares on the B3 is taxed at 15%, with no exemption bracket, regardless of the amount sold. The payment is made by the investor themselves via DARF, by the last business day of the month following the sale.
What is the difference between BITH11 and QBTC11?
Both replicate the performance of Bitcoin, but have different managers (BITH11 by Hashdex and QBTC11 by QR Capital). The main practical difference is in the annual management fee: 0.70% for BITH11 versus 0.75% for QBTC11. For larger volumes, the daily liquidity of each fund on the exchange should also be considered.
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