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DeFi Technologies Gets Brazilian BDR Listing (DEFT31) as B3 Deepens Its Crypto ETP Lineup

DeFi Technologies announced that Brazil’s B3 exchange approved Brazilian Depositary Receipts (BDRs) representing its common shares for institutional investors, expected to begin trading under ticker DEFT31 on December 17. In parallel, B3 also approved four Valour digital-asset ETPs, giving local investors BRL-denominated exposure to Bitcoin, Ethereum, XRP, and Sui via their existing brokerage rails.

Why BDRs matter for crypto-adjacent equities

A BDR is essentially a locally traded receipt that represents an underlying foreign-listed share. The practical benefit is simple: institutions can get exposure without leaving domestic market rails.

For DEFT31 specifically, that can mean:

• BRL-denominated trading
• local brokerage and custody workflows
• easier compliance and reporting for Brazil-based desks

This is as an expansion of local access to a DeFi-themed equity for Brazilian investors, arriving alongside the new crypto ETP listings.

The bigger signal: B3 keeps normalizing crypto exposure

Brazil is not new to crypto products, but the steady cadence matters. It suggests:

• demand is strong enough to support more listings
• the exchange wants crypto-linked products to sit alongside ETFs and equities as “normal” instruments
• investors increasingly want crypto exposure without the operational complexity of self-custody

The Valour tickers approved for B3 are:

• Valour Bitcoin (BTCV)
• Valour Ethereum (ETHV)
• Valour XRP (XRPV)
• Valour SUI (VSUI)

How this can change flows and behavior

Adding local rails can create second-order effects:

1) More participation from institutions that avoid offshore access

Some institutions can’t, or won’t, route to foreign venues easily. A local receipt can be the difference between “interesting” and “allocatable.”

2) Basis and arbitrage dynamics

When multiple instruments track the same underlying exposure (spot, futures, ETPs, and equity proxies), arbitrage desks often tighten pricing. That can improve liquidity, but it can also transmit volatility faster across instruments.

3) A broader menu for portfolio construction

For allocators, DEFT31 (an equity proxy tied to a digital-asset business model) behaves differently than a BTC or ETH ETP. That difference is useful: it lets desks express views on “picks and shovels” versus direct asset exposure.

What to watch next

If you’re tracking this story beyond the headline, the next signals are:

• launch-day liquidity for DEFT31 and the four ETPs
• spreads and tracking error versus global benchmarks
• whether more single-asset or thematic crypto ETPs follow
• whether Brazilian institutions begin to treat crypto exposure as a standard sleeve rather than a special mandate

Conclusion

DEFT31 and the new Valour ETPs are small steps that point to a big shift: crypto exposure is increasingly being packaged into familiar exchange-traded wrappers, in local currency, inside domestic brokerage rails. That’s how “institutional adoption” often actually happens: quietly, structurally, and one listing at a time.

The post DeFi Technologies Gets Brazilian BDR Listing (DEFT31) as B3 Deepens Its Crypto ETP Lineup appeared first on Crypto Adventure.

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