Hashdex Launches World’s First Spot XRP ETF in Brazil

Hashdex, a leading digital asset management firm, has officially launched the world’s first spot XRP exchange-traded fund (ETF) in Brazil. The fund, trading under the ticker symbol XRPH11, began trading on April 25, 2025, on the B3 stock exchange. Managed by Genial Investimentos and issued by Hashdex, XRPH11 offers investors regulated access to XRP, Ripple’s native cryptocurrency, without requiring direct asset custody.

The fund tracks the Nasdaq XRP Reference Price Index and allocates at least 95% of its assets to XRP, utilizing direct holdings and related financial instruments like futures contracts. XRPH11 charges an annual management fee of 0.7% along with a 0.1% custody fee, with Genial Bank SA serving as the custodian. Investors seeking diversified exposure to XRP can now participate through a regulated, traditional financial market, broadening access beyond conventional crypto exchanges.

This launch marks a critical step in increasing the legitimacy of cryptocurrency investment products. By providing a regulated and secure avenue for XRP investment, Hashdex is bridging the gap between the traditional financial sector and the emerging world of digital assets. It also aligns with the broader trend of integrating crypto assets into mainstream investment portfolios, enhancing investor confidence and market maturity.

Brazil’s Regulatory Edge in Crypto Finance

This milestone highlights Brazil’s proactive stance on crypto regulation, positioning the country at the forefront of digital asset investment innovation. Hashdex’s XRPH11 joins its broader suite of crypto-focused ETFs on B3, which includes products for Bitcoin (BITH11), Ethereum (ETHE11), and Solana (SOLH11). By fostering a regulatory environment that supports cryptocurrency investment products, Brazil demonstrates its ambition to become a global hub for digital finance.

Industry analysts believe Brazil’s leadership could encourage other global markets to expedite approval of similar spot crypto ETFs. The Brazilian Securities and Exchange Commission (CVM) has taken a collaborative approach with the industry, providing guidelines that balance innovation with investor protection. This contrasts sharply with jurisdictions like the United States, where regulatory uncertainty continues to delay similar initiatives.

The CVM’s forward-thinking stance not only provides Brazilian investors with first-mover advantages but also sets a benchmark for how regulators worldwide might structure frameworks for digital asset investment products. It illustrates how a balanced regulatory environment can nurture innovation while safeguarding market integrity and consumer interests.

JPMorgan estimates that if spot XRP ETFs are approved in major financial hubs, they could collectively attract up to $8 billion in net inflows. The launch of XRPH11 represents a significant step for broader institutional adoption of crypto assets within traditional financial frameworks. It also paves the way for a new era of mainstream acceptance, where digital assets are increasingly integrated into portfolio management strategies alongside traditional equities and bonds.

Outlook for Spot Crypto ETFs

The approval and listing of XRPH11 come as the United States and other major economies continue to deliberate on spot crypto ETF proposals, particularly for alternative tokens like XRP. Despite regulatory hurdles, the success of XRPH11 may increase pressure on policymakers in other countries to adapt and create clear pathways for innovative investment vehicles.

Hashdex’s move is expected to intensify global competition among asset managers looking to secure the first-mover advantage in the rapidly evolving digital asset investment space. As more financial institutions explore blockchain technologies and tokenization strategies, spot ETFs could become crucial tools for offering broad-based exposure to the crypto market.

With growing institutional interest in blockchain-based assets, products like XRPH11 are poised to play a pivotal role in the evolving financial landscape. As crypto matures from a niche asset class to a mainstream investment category, regulated offerings such as XRPH11 offer a critical bridge for traditional investors seeking exposure to the digital economy. The broader impact of this development may extend beyond Brazil, potentially reshaping how global markets interact with digital assets in the years to come.

Ultimately, the successful launch of XRPH11 not only marks a major milestone for Hashdex and Brazil but also signals the accelerating pace at which digital assets are being woven into the fabric of global financial markets.