Inter&Co Ends Sponsored BDR Program, Forcing Choice on Investors
Holders of Inter&Co's Brazilian depositary receipts must transition to Nasdaq-listed shares or face automatic liquidation of their holdings.
Global investors holding shares of digital banking platform Inter&Co through Brazilian depositary receipts (BDRs) are facing an immediate transition or liquidation. The company’s Level II Sponsored BDR program, which traded under the ticker INBR32 on the B3 exchange in São Paulo, officially ceased trading after the close of market on October 16, 2026, according to an Inter&Co regulatory filing.
The restructuring forces a choice on retail investors who held the sponsored receipts. To maintain their positions, they had to elect by the October 16 deadline to either receive Nasdaq-listed Class A common shares under the ticker INTR at a 1:1 ratio, or transition to a newly established Level I Unsponsored BDR program under the ticker INBR34, which began trading on the B3 exchange on October 19, 2026.
For investors who did not submit a valid election by the October 16 deadline, the consequences are automatic. Their underlying Class A common shares have been routed to a Sales Facility managed by depositary institution Banco Bradesco S.A.. These shares will be systematically liquidated on the Nasdaq market on a best-efforts basis between October 19 and November 17, 2026.
Once the liquidation process is complete, the U.S. dollar proceeds from the sales will be converted into Brazilian reais at the prevailing foreign exchange rate and distributed to the affected account holders. This automatic liquidation could create a temporary technical sales overhang on the Nasdaq-listed shares as the depositary clears the un-elected positions over the month-long period.
In your brokerage app
If you hold shares of Inter&Co, listed in New York on the Nasdaq under the ticker INTR, your direct holdings are unaffected by the B3 delisting. However, US retail investors who access the Brazilian market through broad-based funds, such as the iShares MSCI Brazil ETF, may see minor portfolio adjustments as local managers realign their holdings to reflect the new unsponsored BDR structure (INBR34) on the B3 exchange.