CEDEAR
Argentine Depositary Certificate: an instrument listed on BYMA that represents a fraction of a foreign stock or ETF. Traded in pesos; the IBIT and MSTR CEDEARs are the local route to Bitcoin exposure.
Definition
A CEDEAR (Certificado de Depósito Argentino, or Argentine Depositary Certificate) is an instrument listed on BYMA that represents a fraction of a foreign asset — a stock or an ETF that trades in dollars on Wall Street. It is bought and sold in pesos, settled on BYMA through a clearing agent (ALYC) and custodied at Caja de Valores, just like any Argentine stock. It is the standard bridge between the local investor and international markets.
Bitcoin CEDEARs. A "Bitcoin CEDEAR" is a CEDEAR whose underlying provides exposure to Bitcoin. In 2026 there are two real routes on BYMA: the CEDEAR of IBIT (BlackRock's iShares Bitcoin Trust, which tracks BTC's spot price), listed since 5 December 2024, issued by Banco Comafi and with a 10:1 ratio (ten CEDEARs equal one ETF share); and the CEDEAR of Strategy (MSTR), one of the most traded on BYMA, which provides exposure to the world's largest Bitcoin treasury — more than 800,000 BTC on its balance sheet — with the corporate leverage and the premium or discount (mNAV) inherent to the treasury model. Alongside IBIT, BYMA also listed the CEDEAR of ETHA (the spot Ethereum ETF).
What does not exist (yet). FBTC, Fidelity's spot ETF, has no CEDEAR listed on BYMA as of mid-2026: for spot-price exposure in pesos, the route is the IBIT CEDEAR. Nor do other treasuries that show up in searches — BSTR, Metaplanet or Twenty One — have a CEDEAR. Caja de Valores expands the catalogue periodically, so it is worth checking the current list before trading.
The tax advantage. Capital gains from trading CEDEARs are exempt from income tax for Argentine resident individuals, provided they are traded on BYMA and the regime's conditions are met — versus marginal rates of up to 35% that direct crypto trading can face. That lever makes the CEDEAR the most efficient vehicle for Bitcoin exposure from Argentina.
For the full guide — how to buy them, fees and a comparison of the routes — read Bitcoin CEDEARs in Argentina and the broader map of how to buy Bitcoin in Argentina.
In Context
The IBIT CEDEAR has traded on BYMA since December 2024 with a 10:1 ratio: ten CEDEARs equal one share of BlackRock's spot ETF.
Frequently Asked Questions
What is a CEDEAR?
An Argentine Depositary Certificate: an instrument listed on BYMA that represents a fraction of a foreign stock or ETF. It is traded in pesos, settled through a clearing agent (ALYC) and custodied at Caja de Valores, like any Argentine stock.
Is there a Bitcoin CEDEAR in Argentina?
Yes, two real routes on BYMA: the CEDEAR of IBIT (BlackRock's spot ETF, which tracks Bitcoin's price) and the CEDEAR of Strategy (MSTR), the world's largest Bitcoin treasury. The first is passive exposure to the price; the second adds corporate leverage.
Is there an FBTC CEDEAR?
No: as of mid-2026, FBTC (Fidelity's spot ETF) has no CEDEAR listed on BYMA. For exposure to Bitcoin's spot price in pesos, the practical route is the IBIT CEDEAR — same underlying, already trading.
What tax advantage do CEDEARs have?
Capital gains from trading CEDEARs are exempt from income tax for Argentine resident individuals (trading on BYMA and under the regime's conditions), versus rates of up to 35% that direct crypto trading can face.
What is the ratio of the IBIT CEDEAR?
10:1 — ten CEDEARs equal one share of the iShares Bitcoin Trust ETF. It has been listed on BYMA since 5 December 2024, issued by Banco Comafi.
Related Terms
Read this term in Spanish: versión en español →
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