BTG Pactual launches portfolio mixing bitcoin and gold

Banco BTG Pactual has launched a new portfolio called Carteira Reserva de Valor, designed to combine exposure to bitcoin and gold. The product applies automatic quarterly rebalancing to pursue higher growth from digital assets while limiting risk through gold.

According to a historical simulation spanning January 2016 to August 2026, a balanced strategy of bitcoin and gold would have yielded 4.24 times the return of holding the precious metal alone. While bitcoin suffered a maximum drawdown of 81% during that stretch, combining it with gold limited the maximum loss to 33%.

Matheus Parizotto, head of digital asset research at BTG, evaluated adding the strategy to a baseline Brazilian portfolio consisting of 30% CDI, 30% inflation-indexed government bonds (IMA-B 5), 30% Ibovespa, and 10% real estate investment funds (IFIX). From 2020 to 2026, that baseline portfolio generated an annual return of 8.2%, with 7.5% volatility and an 18.1% maximum drawdown.

Shifting 5% of Ibovespa allocation into the bitcoin and gold strategy increased the annual return to 9.7%, lowered volatility to 6.4%, and reduced the maximum drawdown to 14.7%. Shifting 15% out of Ibovespa lifted the annual return to 12.7%, while volatility fell to 5.6% and the maximum drawdown narrowed to 9.4%.