# Mercado Bitcoin Financial Model 2TM is the parent holding company of Mercado Bitcoin, Brazil's largest crypto-asset exchange, operating a vertically integrated "3-in-1" platform covering distribution, trading, and custody of digital and tokenized assets. - Canonical: https://finamodel.com/startups/mercado-bitcoin - Excel download: https://finamodel.com/startup-models/mercado-bitcoin.xlsx - Category: Crypto/Web3 - Model type: Marketplace / GMV - Funding round: Series B - Funding: $200M - Founded: 2021 - Geography: Brazil (LatAm HQ); international expansion flagged as a strategic vector. [DECK, slide 11] - Customer: B2B2C ## About the company 2TM is the parent of Mercado Bitcoin, Brazil’s largest crypto-asset exchange, with a platform spanning distribution, trading, custody, tokenisation, OTC, and funds. Group companies include a digital wallet, Bitrust custody, tokenisation infrastructure, a regulated distributor, education, and an institutional desk. As of May 2021, Mercado Bitcoin had about 2.8 million registered clients, 306,000 monthly active users, one million custody clients, and R$5.0 billion monthly trading volume. Early-2021 volume reached R$24.7 billion, while regulatory relationships and an integrated stack were presented as defences against Brazilian competitors. Model registered users through to active traders, volume by spot, OTC, and tokenised assets, and a blended fee rate. Add custody AUC fees, issuance, distribution, and fund-management revenue separately. Technology, liquidity, compliance, people, and M&A costs belong below revenue. Crypto prices, active-user conversion, volume per trader, take-rate pressure, and custody growth should drive scenarios. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Mercado Bitcoin: largest crypto exchange in LatAm with +44 coins listed; founded 2013. - 2TM group subsidiaries include: Meubank (multi-asset digital wallet/neobank), MBDA Digital Assets (tokenized assets), Bitrust (digital custody), MezaPro, Clearbook, Blockchain Academy (education), ParMais (traditional assets / regulated DTVM distributor), FIDD, OTC desk (institutional). - Meubank positioned as "wallet of wallets" - store, convert, and use cash, crypto, miles/rewards, and other digital assets in a single account. Token-to-token conversion is a core feature. - Custody subsidiary (Bitrust) backed by Kryptus (HSM/cryptography), with KPMG US consulting on SOC-1/SOC-2/CCSS Level-3 certification. - Tokenization pipeline spans traditional assets (real estate, receivables, private debt, NPL, legal claims) and new-economy assets (carbon credits, fan tokens, NFTs, miles/cashback). ## Market - No explicit TAM/SAM/SOM figures in the deck. - Macro context: BCB (Brazilian Central Bank) committed to digital Real in 2022; CVM allows regulated funds to be 100% invested in crypto; first Bitcoin ETF approved in Brazil Mar/21. - Competitive set in Brazil: Mercado Bitcoin, Bitcointrade, Foxbit, Binance Brazil. - No market-size dollar figures provided. ## Revenue model - Not explicitly itemised in deck. Implied revenue lines based on product descriptions: - Spot trading fees (exchange spread/maker-taker) on Mercado Bitcoin platform - OTC desk spread/fees for institutional clients - Custody fees (Bitrust) - Tokenization/issuance fees (MBDA Digital Assets) - Asset management fees (institutional crypto funds) - Distribution fees (ParMais - regulated DTVM) - No explicit take-rate, fee schedule, or revenue breakdown provided. ## Traction & metrics - Client base (registered users, preliminary): - 2013: 23k | 2014: 59k | 2015: 114k | 2016: 237k | 2017: 871k | 2018: 1,162k | 2019: 1,810k | 2020: 2,125k | Current (May 2021): 2,795k (~2.8M) - 700k+ new clients registered Jan–May 2021 - Clients with Custody: 1 million - MAU (Monthly Active Users, May 2021): 306k - Client Conversion (M0+M1): 41% - Trading Volume (R$ millions): - May 2020: R$645M | Dec 2020: R$1,255M | Jan 2021: R$3,647M | Feb 2021: R$4,028M | Mar 2021: R$6,075M | Apr 2021: R$5,949M | May 2021: R$5,014M - 2020 full-year total: R$6,400M (~R$6.4B) - Jan–May 2021 cumulative: R$24.7B (3.9x full-year 2020; 7.8x YoY; 11.0x Jan–May 2020) - Social media (Mercado Bitcoin vs. peers, as of deck date): - Instagram: MB 185k | Bitcointrade 34.8k | Foxbit 32.6k | Binance BR 58.5k - YouTube: MB 128k | Bitcointrade 13.9k | Foxbit 24.2k | Binance BR – - LinkedIn: MB 39k | Bitcointrade 3k | Foxbit 13k | Binance BR – - Facebook: MB 214k | Bitcointrade 12k | Foxbit 50k | Binance BR – - Twitter: MB 48.1k | Bitcointrade 4.9k | Foxbit 23.2k | Binance BR 18k - No revenue (R$), EBITDA, or take-rate figures disclosed. ## Competition / moat - Named direct competitors: Bitcointrade, Foxbit, Binance Brazil. - Moat claims: largest client base and social presence in Brazil; operational since 2013 (8-year head start); proprietary regulatory relationships (first Brazilian exchange with direct COAF contact; CVM/BCB engagement; CBDC technical group membership); integrated custody/tokenization/distribution platform difficult to replicate; institutional-grade compliance (KPMG, SOC certifications in progress). - Positioning: aspires to be the "XP / B3 / BNY Mellon" of the digital asset ecosystem - full-stack disintermediation. ## Team & funding ask / use of funds - Acquisitions noted: ParMais (DTVM distributor) and an unnamed entity - both acquired/invested in May 2021. --- ## Recommended financial model - **Archetype + why:** Crypto Exchange / Digital Asset Platform GMV-and-Fee model. The primary economic engine is trading volume (GMV) multiplied by a blended take-rate. Secondary revenue lines (custody, tokenization, OTC, fund management) layer on top. This is analogous to a marketplace GMV model but with multiple discrete fee types. A 3-statement model underneath is needed to capture opex (tech, compliance, people) and working capital. Not an M&A or SPAC deck. - **Forecast horizon & granularity:** Monthly for Year 1–2 (2021–2022), quarterly for Years 3–5 (2023–2025). Crypto volumes are highly volatile; monthly granularity is necessary to model volume cycles and user growth cohorts. - **Key drivers & assumptions:** | Driver | Value / Tag | | -- | -- | | Registered user base, May 2021 | 2,795k | | MAU, May 2021 | 306k | | MAU / registered user ratio | 10.9% | | Client conversion rate (M0+M1) | 41% | | Monthly trading volume, May 2021 | R$5,014M | | 2021 YTD volume (Jan–May) | R$24.7B | | 2020 full-year volume | R$6,400M | | Blended spot take-rate (exchange fee) | ~0.25%–0.50% | | OTC spread/fee per transaction | ~0.10%–0.20% of notional, institutional ticket sizes; no data in deck | | Custody fee (AUM-based) | ~0.50%–1.0% p.a. on AUC; 1M clients with custody, avg balance unknown | | New user growth rate, H2 2021 | decelerating from ~140k/month (Jan–May 2021 pace) to ~60–80k/month as bull-market surge normalises | | Monthly volume per MAU | R$16.4k/MAU (derived: R$5,014M / 306k MAU); highly correlated to BTC price | | BTC price sensitivity | volume scales roughly with BTC price; model a BTC price assumption per period | | International expansion capex | begins 2022–2023 based on strategic roadmap slide; magnitude unknown | | M&A pipeline | bolt-on acquisitions per stated strategy; no budget disclosed | - **Scenarios (Base / Bull / Bear - which variables flex):** - **Base:** BTC price roughly flat from May 2021 levels; volume growth normalises to +50% YoY in 2022; take-rate holds; user growth 50–60k/month. - **Bull:** Sustained crypto bull market; BTC up 2–3x; monthly volume exceeds R$8B by end of 2022; MAU conversion improves; tokenization and custody revenues ramp faster. - **Bear:** Crypto bear market (BTC –50% from peak); monthly volumes fall to R$1–2B range; user acquisition slows sharply; revenue contracts; tests fixed-cost coverage. - Key flex variables: BTC price index, monthly trading volume, take-rate compression (Binance competition), MAU conversion rate, custody AUC. - **Required sheets / outputs:** 1. Assumptions dashboard (BTC price, FX BRL/USD, take-rates, growth rates) 2. User funnel (registered → MAU → active traders → custody clients) 3. Volume model (monthly GMV by product: spot, OTC, tokenized assets) 4. Revenue build (fee income by line: trading, OTC, custody, tokenization, asset mgmt) 5. OpEx model (headcount, tech infra, compliance/regulatory, marketing, G&A) 6. Income Statement (monthly → annual) 7. Simplified Balance Sheet (cash, custody assets, regulatory capital) 8. Cash Flow Statement 9. KPI summary (MAU, volume, take-rate, revenue/MAU, EBITDA margin) 10. Scenario toggle sheet ## Frequently asked questions ### Is the Mercado Bitcoin financial model free? Yes. The Mercado Bitcoin model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.