Hashdex launched the world's first Spot XRP ETF - XRPH11. The fund tracks the NASDAQ XRP index and invests at least 95% of its assets directly in XRP. It targets institutional and advanced investors seeking regulated exposure to the cryptocurrency market in Brazil's capital markets.
The world’s first Negligible Exchange Fund XRP issued by Hashdex and managed by Genial Investments, began trading on April 25 on the B3 stock exchange in Brazil. Listed under the ticker XRP H11, the ETF tracks the NASDAQ XRP Benchmark Price Index and, according to Hashdex, will allocate at least 95% of its liquid assets to XRP. The introduction of the fund marked Hashdex's ninth ETF launch on the Brazilian Exchange.
The launch expanded Hashdex's offerings of single-asset ETFs on B3, which also includes products based on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The asset manager can use direct or indirect investments in futures contracts, aiming to replicate the performance of the NASDAQ XRP benchmark price index or other financial instruments that reflect the price of XRP as defined by the NASDAQ benchmark to provide exposure.
Hashdex launches the XRPH11 Spot ETF on B3 in Brazil
XRPH11 - The world's first XRP ETF. Another cryptocurrency milestone on the Brazilian stock exchange! 🇧🇷
Hashdex has just launched XRP H11, giving investors safe and regulated access to $XRP - one of the leading #Crypto focused on fast and low-cost international payments. pic.twitter.com/kpokqp5nm4
- Hashdex (@Hashdex) April 25, 2025
Hashdex launched the world's first XRP ETF, managed by Genial Investments, marking a pioneering development in Brazil's cryptocurrency investment products. The asset manager has secured Genial Bank SA as the custodian of the ETF.
Samir Kerbage, CIO of Hashdex, revealed that this was the ninth ETF the asset manager had launched on B3. He expanded the possibilities for diversification and exposure to digital assets with security, transparency, and alignment with regulatory guidelines. According to Kerbage, the fund aims to attract institutions looking to build cryptocurrency portfolios within Brazil's stock market infrastructure.
Brazil represents only 0.9% of the global AUM of cryptocurrency ETPs, although Hashdex has secured an advantage in capturing this market. XRPH11 is expected to have global appeal to achieve remarkable AUM that will grant Hashdex a spot in the global cryptocurrency space. However, JPMorgan's forecast in January suggested that these products could attract up to $8 billion in net flows, which was more than eight times the current size of AUM. XRP funds recorded the strongest weekly inflows, among other cryptocurrency-related ETPs last week, with about $37.7 million allocated.
Brazil previously launched a Solana ETF in 2024, which did not receive significant attention or trading volume. In this case, the success of XRPH11 may not be guaranteed. Still, underperformance of XRPH11 may disappoint investors and affect the price of XRP in the short term.
XRP ETFs have not yet been launched in the U.S., despite several SEC applications in the U.S.
Large asset managers like GrayScale and Bitwise have applied for XRP ETFs registered with the U.S. Securities and Exchange Commission (SEC). The polymarket prediction platform shows a 74% probability that the U.S. will approve an XRP ETF in 2025. On March 26, polymarket gave an 86% chance that an XRP ETF would be approved this year. However, users have only a 42% chance that an XRP ETF will be approved before July 31.
Nate Geraci, the President of Etf Store, said that the approval of an XRP ETF was next. He added that it was 'obvious' and just a matter of time before the SEC approved an XRP ETF. The executive also predicted that asset managers like BlackRock and Fidelity would be involved in offering the asset.
U.S. SEC Chairman Gary Gensler has repeatedly cited the absence of a regulated futures market as a red flag for market manipulation when denying previous applications for Altcoin ETFs. However, the introduction of the agency's new pro-Crypto chairman, Paul Atkins, means that the SEC's preferred excuse in the U.S. for denying Altcoin ETFs, at least for XRP, may have been 'verified by the body.'