An Argentine investor can get Bitcoin exposure without buying Bitcoin —trading in pesos, within BYMA and with a tax advantage that's hard to match— through CEDEARs. In 2026 there are two real routes and a tax advantage that makes them especially attractive. This guide explains each Bitcoin CEDEAR available, how they differ and how to buy them. The full map of how to invest in Bitcoin from Argentina, with every route (brokers, CEDEARs and local treasuries), is in the how to buy Bitcoin in Argentina guide.
What a Bitcoin CEDEAR is
A CEDEAR (Argentine Depositary Receipt) is an instrument listed on BYMA that represents a fraction of a foreign asset —a stock or an ETF that lists in dollars on Wall Street—. It's bought and sold in pesos, settled on BYMA through a clearing and settlement agent (ALYC), and held in custody at Caja de Valores, just like any Argentine stock. A "Bitcoin CEDEAR" is therefore a CEDEAR whose underlying gives Bitcoin exposure: either a spot BTC ETF, or the stock of a company that holds Bitcoin on its balance sheet.
The ETF route: the IBIT CEDEAR (Bitcoin's price)
For passive exposure to Bitcoin's spot price, the answer is the CEDEAR of IBIT, BlackRock's iShares Bitcoin Trust. It has been listed on BYMA since 5 December 2024, issued by Banco Comafi and with a 10:1 ratio (ten CEDEARs equal one ETF share). Its underlying is directly Bitcoin's price, so it tracks BTC without the investor having to custody crypto or open an exchange account. Its debut was the highest-volume CEDEAR first day, a sign of Argentine appetite for regulated, peso-denominated Bitcoin exposure. Alongside IBIT, BYMA also listed the CEDEAR of ETHA (the spot Ethereum ETF), opening the door of cryptocurrencies to the Argentine stock market.
The treasury route: the Strategy (MSTR) CEDEAR
If instead of Bitcoin's pure price you want exposure to the leveraged Bitcoin treasury model, the route is the CEDEAR of Strategy (formerly MicroStrategy, ticker MSTR). MSTR is one of the most actively traded CEDEARs on BYMA and lets you buy exposure to the world's largest Bitcoin treasury —more than 600,000 BTC on its balance sheet— in pesos and within the local market. The difference versus IBIT matters: MSTR doesn't track Bitcoin's price one-to-one; it adds the effect of Michael Saylor's financial engineering (debt, share issuance, preferreds) to grow Bitcoin per share. That amplifies both rallies and drawdowns, and its valuation carries a premium or discount (the mNAV) over the value of its reserve. It's Bitcoin exposure with corporate leverage, not its flat price.
Is there an FBTC CEDEAR in Argentina?
No: as of mid-2026, FBTC (Fidelity's Wise Origin Bitcoin Fund) has no CEDEAR listed on BYMA. It's one of the most frequent searches, and the practical answer is clear: for spot Bitcoin price exposure in pesos, the path is the IBIT CEDEAR —same underlying, Bitcoin's price, already trading—. The other option is to buy FBTC directly in its US market through a broker with international access, losing the CEDEAR's tax advantage. The universe of ETF CEDEARs is expanded by Caja de Valores periodically, so it's worth checking the current listing before trading.
The tax advantage: why the CEDEAR wins
This is the lever that makes this route so attractive. Gains on CEDEAR trading are exempt from income tax for resident individuals in Argentina, as long as they trade on BYMA and meet the regime's conditions. Versus the treatment of direct crypto —where gains can be taxed at marginal rates of up to 35%—, the difference is huge: 0% via CEDEAR versus a significant levy buying Bitcoin on an exchange. For an Argentine investor seeking Bitcoin exposure with the best tax fit, the CEDEAR is, in practice, the most efficient vehicle.
How to buy a Bitcoin CEDEAR
The process is the same as any CEDEAR: open an account with an Argentine broker or ALYC (local brokerages and several investment apps allow it), fund in pesos and buy the CEDEAR by its ticker —IBIT for the spot ETF, MSTR for the treasury Strategy— as you'd buy any stock. You don't need a wallet, an exchange or to custody keys: the asset sits in your brokerage account at Caja de Valores. It's worth checking the broker's fees and the CEDEAR's ratio (how many certificates equal one share) to size the position.
The local alternative: Zonda Bitcoin Capital
Beyond CEDEARs over foreign assets, Argentina has its own Bitcoin treasury in the making: Zonda Bitcoin Capital, Argentina's first pure Bitcoin treasury, transitioning over the historic listed company HULI on BYMA. It's not a CEDEAR —it's an Argentine stock, with its own tax treatment— but it rounds out the range of Bitcoin exposure without leaving the local market. We cover it in the Bitcoin in Argentina guide.
In short
To invest in Bitcoin from Argentina via CEDEAR there are two paths today: the IBIT CEDEAR to track BTC's spot price, and the MSTR (Strategy) CEDEAR for exposure to the world's largest Bitcoin treasury with corporate leverage. Both trade in pesos, within BYMA, and with the tax advantage of income-tax-exempt gains. There's no FBTC CEDEAR: for the spot price, IBIT is the route. You can follow the live data of each on its profile —IBIT and Strategy— and the rest of the treasuries in SatsIntel's directory. This is information, not financial or tax advice: always validate with your broker and advisor before trading.
