Brazil Beats Wall Street to the Punch: Launches First-Ever Spot XRP ETF (XRPH11)

Move over, Bitcoin—Brazil just rewrote the crypto ETF playbook. The country’s securities regulator greenlit XRPH11, the world’s first spot XRP exchange-traded fund, while U.S. institutions still debate whether crypto is ’too risky.’

Why it matters: This isn’t just another altcoin fund. The physically-backed ETF gives investors direct exposure to XRP’s price movements—no derivatives, no synthetic tracking errors. Take notes, Grayscale.

The fine print: Launching on Brazil’s B3 exchange, XRPH11 charges a 0.7% management fee (because apparently even decentralized finance needs its pound of flesh). Early trading volumes suggest institutional interest, though crypto purists are already griping about ’centralization creep.’

Bottom line: While SEC lawyers spend 2025 debating if XRP is a security, Brazilian investors are busy trading it like one. Sometimes regulatory ’backwardness’ looks suspiciously like progress.

Brazil has officially launched the world’s first spot XRP ETF. The fund, called, is issued byand managed by, beginning its trading journey onat Brazil’s stock exchange,.

Brazil’s rapid approval and launch highlight a more crypto-friendly stance compared to the U.S., where regulatory hurdles continue to delay similar products. Notably, Brazil also made headlines last year by introducing the first.

XRPH11: A Bold Bet on XRP

XRPH11 is designed to track theand allocates at least 95% of its assets directly or indirectly to. This includes a mix of spot XRP holdings, futures, and other crypto-related instruments. Although the exact trading volume hasn’t been publicly disclosed yet, XRPH11 is already active and listed on B3’s website.

This marks Hashdex’s ninth crypto ETF on the exchange, joining earlier products for Bitcoin, Ethereum, and Solana.

Aiming at Institutional Investors

According to, CIO at Hashdex, XRPH11 targets institutional and sophisticated investors seeking regulated crypto exposure in Brazil’s equity market. Kerbage emphasized that the product is built around key principles like transparency and investor protection, aligning closely with local regulations.

The Race Toward an $8 Billion Opportunity

Currently, XRP-focused ETFs globally hold aboutin assets under management (AUM). However, momentum is building. Last week, CoinShares reportedin inflows into XRP-related funds — the highest among all crypto ETPs.

JPMorgan analysts have forecasted that XRP ETFs could seein net inflows over time. While Hashdex is leading the race in Brazil, it’s worth noting that Brazil represents onlyof the global crypto ETP market. XRPH11 will need to attract international attention to make a real impact.

Will XRPH11 Succeed?

Brazil’s fast-tracking of the first spot XRP ETF gives it a head start while the U.S. continues to drag its feet. However, XRPH11’s success is not guaranteed. Brazil’s Solana ETF, launched last year, failed to spark major excitement.

If XRP’s ETF underperforms, it could pressure the token’s price in the short term. On the other hand, Optimism remains high that the U.S. will soon approve its own spot XRP ETF. Betting platform Polymarket currently gives it aof approval within 2025.

The U.S. Securities and Exchange Commission (SEC) is anticipated to decide on several XRP spot ETF applications by. This date aligns with the SEC’s deadline to respond to filings from firms like Grayscale and 21Shares. market optimism is high, with prediction platforms like Polymarket indicating anof approval this year .​

Yes, Hashdex is actively expanding its ETF offerings. The firm has filed to include additional altcoins—such as Solana (SOL), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI)—into its Nasdaq Crypto Index US ETF.

The launch of XRPH11 could influence XRP’s price in the short term. Analysts suggest that increased institutional demand from the ETF may drive prices upward. However, there’s also potential for short-term volatility due to market adjustments and liquidity factors.