26-4-2025 – Brazil has unveiled the world’s inaugural spot XRP exchange-traded fund (ETF), christened XRPH11. Launched by asset manager Hashdex and overseen by Genial Investimentos, the fund commenced trading on 25 April at Brazil’s B3 stock exchange, cementing the nation’s reputation as a trailblazer in cryptocurrency investment. This bold step underscores Brazil’s progressive stance on digital assets, in stark contrast to the regulatory caution that continues to stall similar initiatives in the United States.
The XRPH11 fund, meticulously crafted to mirror the Nasdaq XRP Reference Price Index, commits at least 95% of its portfolio to XRP through a blend of direct holdings, futures contracts, and other crypto-linked instruments. It joins an impressive roster of Hashdex’s offerings on B3, marking the firm’s ninth crypto ETF alongside established funds for Bitcoin, Ethereum, and Solana. Brazil’s swift approval of XRPH11 follows its pioneering launch of the world’s first Solana ETF last year, further burnishing its credentials as a hub for crypto innovation.
Samir Kerbage, Hashdex’s chief investment officer, hailed the fund as a gateway for institutional and discerning investors eager to tap into regulated crypto opportunities within Brazil’s equity markets. “XRPH11 embodies our commitment to transparency and robust investor safeguards,” Kerbage affirmed, highlighting its alignment with stringent local regulations. While precise trading volumes remain undisclosed, the fund’s debut on B3’s platform has already generated buzz among market watchers.
The global appetite for XRP-focused investment vehicles is surging, with such ETFs currently managing $950 million in assets worldwide. Recent data from CoinShares revealed a striking $37.7 million in weekly inflows into XRP-related products, outpacing other crypto exchange-traded products. Analysts at JPMorgan project that XRP ETFs could attract up to $8 billion in net inflows globally over time, a tantalising prospect for Brazil’s fledgling fund. Yet, with Brazil accounting for just 0.9% of the global crypto ETP market, XRPH11 will need to capture international interest to realise its full potential.
Despite Brazil’s head start, the path to success is not assured. The nation’s Solana ETF, launched with much fanfare last year, failed to ignite sustained enthusiasm, raising questions about XRPH11’s prospects. A lacklustre performance could exert downward pressure on XRP’s price in the near term. Nevertheless, optimism persists, particularly regarding the United States, where regulatory approval for a spot XRP ETF is seen as increasingly likely. Polymarket, a predictive betting platform, estimates a 74% chance of such an approval by the end of 2025.
