Hashdex Launches the World's First Spot XRP ETF in Brazil

Brazil has officially launched the world's first spot XRP ETF. The fund, called XRPH11, is issued by Hashdex and managed by Genial Investimentos

Hashdex, in collaboration with Genial Investimentos, has unveiled the first-ever spot XRP ETF in Brazil.

The fund, named XRPH11, commenced trading on Tuesday morning following approval from the Brazilian Securities and Exchange Commission.

This marks a significant development, especially considering the U.S. is still grappling with launching similar products due to regulatory obstacles. Notably, Brazil also introduced the first Solana ETF last year.

XRPH11 will track the Nasdaq XRP Reference Price Index and allocate at least 95% of its assets, either directly or indirectly, to XRP. This includes a combination of spot XRP holdings, futures, and other crypto-related instruments.

Although the precise trading volume for XRPH11 has yet to be announced, the ETF is now live and listed on B3’s website.

This adds to Hashdex’s crypto ETF portfolio on the exchange, which includes products for Bitcoin, Ethereum, and Solana.

Samir Kerbage, Hashdex’s CIO, stated that XRPH11 is designed for institutional and sophisticated investors seeking diversified, transparent, and closely monitored crypto exposure within Brazil’s equity market. He added that the product is fully compliant with local regulations.

Currently, XRP ETFs worldwide manage around $950 million in assets under management (AUM). However, Hashdex’s fund is quickly attracting attention.

Last week, data from CoinShares revealed that crypto ETPs experienced net outflows of €63.3 million, largely driven by a shift in investor preference toward equities. Among the ETPs, XRP saw the highest inflows at $37.7 million.

Moreover, analysts at JPMorgan have predicted that over time, these funds could see a substantial $8 billion in net inflows.

Hashdex is spearheading this initiative, and the fact that Brazil comprises only 0.9% of the global crypto ETP market leaves ample opportunity for growth. To make a broader impact, XRPH11 will need to gain international recognition.

After months of anticipation, the U.S. is still awaiting the launch of its first spot Bitcoin ETF. While the wait continues, Brazil has taken the lead by unveiling the first-ever spot XRP ETF.

The fund, known as XRPH11, is being issued by Hashdex and managed by Genial Investimentos, kicking off its trading journey on Tuesday after approval from the Brazilian Securities and Exchange Commission. It will track the Nasdaq XRP Reference Price Index and allocate at least 95% of its assets, either directly or indirectly, to XRP. This includes a combination of spot XRP, futures, and other crypto-related instruments.

Although the precise trading volume for XRPH11 has yet to be announced, the ETF is now live and listed on B3’s website.

This adds to Hashdex’s crypto ETF portfolio on the exchange, which includes products for Bitcoin, Ethereum, and Solana. The firm is also in the process of applying to include additional altcoins—such as Solana (SOL), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI)—into its Nasdaq Crypto Index US ETF.

This development comes as several U.S. firms are awaiting the fate of their applications for spot Bitcoin ETFs with the Securities and Exchange Commission (SEC). A decision on these applications is expected by May 22, 2025.

The SEC has already approved several futures ETFs, but despite numerous attempts since 2013, the U.S. regulator has yet to approve any spot Bitcoin ETFs. Grayscale, a major cryptocurrency asset manager, is currently battling the SEC in court over the agency’s 2024 approval of a spot ether ETF.

After a delay from March to May 22, 2025, the SEC will rule on several applications for a spot Bitcoin ETF. Among the applicants are asset management giants BlackRock and WisdomTree, along with firms like Grayscale and 21Shares.

This decision will also determine the fate of several applications for a spot XRP ETF, notably from Galaxy and TRADEMARK East.

A decision on these applications is expected by May 22, 2025. This date aligns with the SEC’s deadline to respond to filings from firms like Grayscale and 21Shares.

Prediction platform Polymarket gives a 74% chance of the U.S. approving a spot XRP ETF by 2025. Meanwhile, optimism is running high, with prediction platforms like Polymarket indicating an 87% chance of approval this year.