Inter&Co cancels sponsored BDRs, triggering Nasdaq share sales

If you hold shares of foreign companies through local depositary receipts in your international brokerage accounts, a corporate restructuring may be quietly changing your portfolio. Inter&Co, the digital banking group listed in New York, has officially terminated its sponsored Level II Brazilian Depositary Receipts (BDR) program, triggering an automatic migration or liquidation process for outstanding positions.

The financial institution, which serves millions of digital banking clients in South America, finalized the selection window for its BDR program (previously traded under the ticker INBR32) after the close of trading on October 16, 2026. According to an official regulatory filing with the U.S. Securities and Exchange Commission (SEC) dated September 16, 2026, the company is voluntarily winding down its sponsored program to streamline its public listings and eliminate administrative redundancies.

For retail investors who held these local receipts and did not actively submit instructions by the October 16 deadline, the default outcome is an automatic liquidation of their positions. These non-electing holders are being funneled into a "Sales Facility". Under this mechanism, Banco Bradesco S.A., acting as the depositary institution, will sell the underlying Class A common shares directly on the Nasdaq stock market.

This liquidation period runs from October 19 through November 17, 2026, during which Bradesco will sell the shares on a best-efforts basis. Once all sales are finalized, the proceeds will be converted from U.S. dollars into Brazilian reais at the prevailing exchange rate and distributed to the affected investors, net of applicable taxes and fees. Alternatively, investors who proactively elected to maintain their local exposure will see their holdings converted on a 1-for-1 basis into a new, unsponsored Level I BDR program trading under the ticker INBR34, which began trading on the B3 exchange on October 19, 2026.

This restructuring highlights the shifting landscape of cross-border listings as Latin American tech and financial firms seek to centralize their liquidity in the United States. Inter&Co originally migrated its primary listing to the United States in June 2022 to attract global capital. By removing its sponsored local listing, the company reduces the regulatory overhead of maintaining dual-registered corporate structures in both Brazil and the U.S.

In your brokerage app

If you hold the U.S.-listed shares of Inter&Co, listed in New York under the ticker INTR, your direct equity holdings are unaffected by this local depositary receipt cancellation. However, if you access Brazilian equities through broad-market exchange-traded funds, such as the iShares MSCI Brazil ETF (EWZ), the fund managers handle these underlying structural conversions and liquidations internally to align with the new unsponsored BDR format.