The Brazil Securities Commission (CVM) published its Economic Bulletin for the first quarter of 2025, showing a sharp increase in securities offerings via electronic investment crowdfunding platforms under CVM Resolution 88. Announced issuance via these platforms totalled BRL 0.79 billion in the quarter, equal to 55% of the BRL 1.43 billion aggregated across 2024. Across the broader market, total securities issuance in the first three months of 2025 reached BRL 173 billion, with debentures and notes accounting for BRL 107.3 billion versus BRL 82.3 billion in the same period of the prior year. The bulletin also reports a 3.7% year-on-year rise in the number of CVM-regulated participants to 90,423, including 2,193 securities investment advisers (individuals and firms), up 24%. CVM estimates the regulated market at BRL 38.53 trillion, or BRL 16.06 trillion excluding the notional value of derivatives, with investment funds reaching BRL 9.91 trillion, up 11.5% year on year. The Economic Bulletin is produced quarterly by CVM’s Economic Analysis, Risk Management and Integrity Advisory and replaces the former monthly Risk and Market Bulletins; an interactive version is also available.

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