Brazil Launches 1st Ever Spot XRP ETF — Is A US Approval Coming?

Brazil has emerged as the first country to introduce an XRP ETF, providing its investors with a fresh means to tap into the cryptocurrency market.

Hashdex Launches XRP ETF On Latin America’s Biggest Exchange

Hashdex, an asset manager, listed the XRP spot ETF on Brazil’s B3 stock exchange on April 25. As per reports, the fund has the ticker symbol XRPH11 and follows XRP’s price using the Nasdaq XRP Reference Price Index.

The CVM, Brazil’s Securities and Exchange Commission, had approved the ETF in February, and the ETF launched this week.

The fund will invest at least 95% of its assets in XRP, among other ways, using futures contracts and other securities against the Nasdaq Reference Price Index.

Although Hashdex will market the fund as “Hashdex Nasdaq XRP Fund de Indices,” fund management responsibilities will be managed by Genial Investimentos, while Genial Bank SA will act as custodian.

BREAKING First-ever XRP spot ETF debuts on Brazil’s main stock exchange

– Brazil has introduced the first-ever XRP spot ETF, debuting on the B3 stock exchange. – The ETF, managed by Hashdex, is set to track XRP’s price using the Nasdaq XRP Reference Price Index.#Crypto… pic.twitter.com/xgXtukANcr

— Global Rashid (@globalrashid007) April 26, 2025

Fund Structure Includes 0.8% Annual Management Cost

Instruments and investors behind the new XRP ETF pay 0.7% for the annual management fees, accompanied by a custodian fee of 0.1%, leading to a yearly expense of 0.8%. According to information, structuring fees do not apply when they charge funds.

This is the ninth cryptocurrency ETF Hashdex has listed on the B3 exchange. The firm already has equivalent products that track Bitcoin, Ethereum, and Solana, indicating Brazil’s increasing openness to investing in cryptocurrencies.

The launch puts pressure on the United States, where no spot XRP ETF exists despite XRP being created by a US-based company. XRP ranks as the third-largest cryptocurrency excluding stablecoins, with a reported market value of over $120 billion.

Ripple, the firm most closely associated with XRP, has recently made some progress on resolving regulatory matters with the US Securities and Exchange Commission.

That achievement, in addition to the declared objective of the Trump administration to make America “the crypto capital of the world,” has established a more positive climate for crypto regulation in America.

A number of large asset managers such as Grayscale and Franklin Templeton have filed requests for XRP spot ETFs in the US. According to analysts, the probability of an XRP ETF approval in the US is currently at 73%.

The US did observe the launch of a leveraged XRP ETF last week but hasn’t received an approval of a spot ETF. While leading Brazil in such product launches, American regulators would find themselves more pressured to accept such investment options for US investors hoping for exposure to XRP but without holding it directly.

Hashdex’s action marks a milestone moment for the adoption of cryptocurrencies into mainstream financial markets, and Brazil is now positioning itself as one of the earliest adopters of the growing space of crypto ETFs.

Featured image from Unsplash, chart from TradingView