Brazil has made global headlines by becoming the first country to introduce an exchange-traded fund (ETF) based on the spot price of XRP, Ripple’s native cryptocurrency.
The new fund, officially named Hashdex Nasdaq XRP Fundo de Índice (FI), started trading on April 25 on Brazil’s main stock exchange, B3, as announced in a press release from Valor Econômico.
Managed by Hashdex, a prominent Brazilian asset manager, and administered by Genial Investments Securities Brokerage SA, with Genial Bank SA acting as custodian, the ETF offers Brazilian investors direct, regulated exposure to XRP.
Brazilian CVM Approval Opens the Door for XRP ETF
The Brazilian Securities and Exchange Commission (CVM) approved the XRP ETF in February 2025, adding to its prior approvals of other crypto-related products, including Hashdex’s spot Solana ETF launched in August 2023.
Following CVM’s greenlight, XRPH11 went through a pre-operational phase and has now officially debuted on B3 under the ticker XRPH11.
The ETF tracks the XRP Reference Price Index (NQXRP), which reflects real-time spot prices across major cryptocurrency exchanges.
According to fund documentation, at least 95% of XRPH11’s net assets must be invested directly in XRP or closely related digital products, such as futures or securities tied to the index. As of launch, the fund’s net assets are reportedly close to $40 million.
XRPH11 features a competitive fee structure, charging a maximum annual management fee of 0.7%, along with a custody fee capped at 0.1% per year, and no structuring fees, making it an appealing option for institutional and retail investors.
Hashdex Expands Its Crypto ETF Portfolio
With the launch of XRPH11, Hashdex now manages nine crypto-related ETFs on the B3 exchange. These include mono-asset funds tied to Bitcoin (BITH11), Ethereum (ETHE11), and Solana (SOLH11).
Samir Kerbage, Chief Investment Officer at Hashdex, emphasized that XRPH11 strengthens the firm’s position as a leader in regulated crypto investment products in Brazil. The firm’s broader strategy focuses on providing institutional-grade access to digital assets through traditional market channels.
The debut of the world’s first XRP spot ETF has added to growing anticipation globally—especially in the United States, where the SEC is currently reviewing applications for spot ETFs tied to Solana and XRP.
Ripple vs. SEC Lawsuit: A New Era for XRP
Brazil’s move comes at a pivotal time for XRP, following the long-awaited resolution of the SEC’s lawsuit against Ripple Labs.
Filed in December 2020, the SEC accused Ripple of conducting an unregistered securities offering worth over $1.3 billion. Ripple disputed the claim, arguing that XRP should be considered a digital currency rather than a security.
After a multi-year battle, U.S. District Judge Analisa Torres delivered a split ruling in July 2023: XRP sales to institutional investors were deemed securities transactions, but XRP sales on public exchanges were not.
Ripple faced a $125 million civil penalty, but in a March 2025 settlement, the SEC agreed to accept $50 million, with the remaining $75 million returned to Ripple. Both sides also agreed to dismiss their respective appeals, effectively ending the case.
Looking Ahead
With regulatory clarity improving and global momentum building for crypto investment products, Brazil’s launch of the first spot XRP ETF positions it as a pioneer in the next phase of crypto-financial integration.
As U.S. regulators deliberate over similar products, Brazil’s early mover advantage could attract growing attention from institutional investors worldwide.
