In a groundbreaking move for the cryptocurrency industry, Brazil has become the first country to launch a spot #XRP exchange-traded fund (ETF), solidifying its position as a pioneer in digital asset adoption. The ETF, named #XRPH11 or the Hashdex Nasdaq XRP Fundo de Índice, began trading on April 25, 2025, on Brazil’s primary stock exchange, B3. Managed by Hashdex, a leading Brazilian asset manager, and administered by Genial Investimentos, this historic launch marks a significant milestone for XRP, the native cryptocurrency of Ripple’s XRP Ledger, and underscores Brazil’s progressive stance on crypto innovation.
The XRPH11 ETF tracks the Nasdaq XRP Reference Price Index, ensuring at least 95% of its assets are invested directly in XRP or XRP-related financial products, such as futures or securities. With a net worth of approximately $40 million, the fund targets sophisticated and institutional investors seeking regulated exposure to XRP without the complexities of direct ownership. The ETF charges a competitive annual management fee of 0.7% and a custody fee of 0.1%, with no structuring fees, making it an attractive option for investors. This launch expands Hashdex’s crypto ETF portfolio on B3 to nine products, including funds for Bitcoin, Ethereum, and Solana.
Brazil’s approval of the XRP ETF, granted by the Comissão de Valores Mobiliários (CVM) in February 2025, highlights the country’s crypto-friendly regulatory environment. Silvio Pegado, Ripple’s Managing Director for Latin America, praised XRP’s utility in cross-border payments and its growing institutional demand as key factors making it a “natural choice” for an ETF. Brazil’s crypto market is thriving, with a Chainalysis report noting $90 billion in digital asset deposits between July 2023 and June 2024, driven largely by stablecoins. The country’s embrace of crypto ETFs, including prior Bitcoin and Solana funds, positions it as a leader in Latin America’s digital finance landscape.
The launch sparked an 8% surge in XRP’s price on April 25, 2025, though it later stabilized around $2.20. Analysts see the ETF as a catalyst for increased adoption and liquidity, with CoinShares reporting $950 million in assets under management for XRP-focused exchange-traded products globally as of mid-April. JPMorgan predicts XRP ETFs could attract up to $8 billion in investments, with potential for $14 billion if similar funds are approved in markets like the U.S.
Meanwhile, Brazil is advancing its blockchain ecosystem. The Braza Group plans to launch BBRL, a Brazilian real-pegged stablecoin on the XRP Ledger, in Q1 2025, aiming to capture 30% of the local market. This initiative, alongside the central bank’s DREX project exploring asset tokenization, underscores Brazil’s commitment to integrating blockchain into its financial system.
While Brazil celebrates this milestone, the U.S. lags due to regulatory hurdles, with multiple XRP ETF applications from firms like Grayscale and Bitwise still under SEC review. Brazil’s XRPH11 sets a global precedent, potentially pressuring other jurisdictions to follow suit and paving the way for XRP’s mainstream acceptance.
