Brazil’s B3 Exchange Drops a Crypto Bombshell: First-Ever Spot XRP ETF Goes Live
Wall Street’s still dithering over Bitcoin ETFs? Brazil just lapped them. The B3 exchange just launched the world’s first spot XRP ETF—no futures, no synthetics, just direct exposure to Ripple’s embattled token.
Why it matters: While SEC lawsuits drag on, this is a quiet middle finger to regulatory paralysis. Institutional investors now have a clean on-ramp to XRP without custody headaches—assuming they’re brave enough to touch an asset that’s been both ‘security’ and ‘not-a-security’ depending on which courtroom you’re in.
The cynical take: Another ‘innovation’ from the land of 14% interest rates, where financial desperation breeds crypto creativity. At least someone’s finding utility for XRP beyond fueling Twitter flame wars.
Brazil’s CVM Clears XRP ETF Following Previous Approval of Hashdex’s Solana Fund
The Brazilian Securities and Exchange Commission (CVM) approved the XRP-focused ETF in February, marking another milestone after its greenlight for Hashdex’s spot Solana ETF in August 2023.
Following regulatory approval, the fund entered a pre-operational phase before officially launching on the exchange under the ticker XRPH11.
The ETF mirrors the XRP Reference Price Index (NQXRP), which tracks the real-time spot price of XRP across major cryptocurrency exchanges.
According to fund documents, at least 95% of XRPH11’s net assets will be allocated to XRP and related digital assets, securities, or futures tied to the index.
The ETF currently reports a net worth close to $40 million.
XRPH11 – The world’s first XRP ETF. Another crypto milestone on the Brazilian stock exchange!
Hashdex just launched XRPH11, giving investors secure and regulated access to $XRP — one of the leading #crypto assets focused on fast, low-cost international payments. pic.twitter.com/kpokQP5NM4
XRPH11 carries a competitive fee structure, including a maximum annual fee of 0.7% for administration, management, and distribution, along with a custody fee capped at 0.1% per year. The fund does not impose any structuring fees.
With this launch, Hashdex has expanded its crypto ETF offerings on B3 to nine products.
Samir Kerbage, Chief Investment Officer at Hashdex, said that XRPH11 joins the firm’s lineup of mono-asset ETFs, which includes products tied to Bitcoin (BITH11), Ethereum (ETHE11), and Solana (SOLH11).
These funds are designed for institutional investors seeking exposure to digital assets through Brazil’s regulated markets.
As Brazil leads with the first XRP ETF, anticipation grows in the United States, where the SEC is reviewing applications for spot Solana and XRP ETFs.
SEC Lawsuit Against Ripple Labs Concludes After Four Years
The legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has concluded after more than four years, marking a significant development in cryptocurrency regulation.
In December 2020, the SEC filed a lawsuit against Ripple Labs, alleging that the company conducted an unregistered securities offering by selling XRP tokens, raising over $1.3 billion.
Ripple contested the claim, arguing that XRP is a digital currency, not a security.
In July 2023, U.S. District Judge Analisa Torres delivered a mixed ruling: she determined that XRP sales to institutional investors violated securities laws, while sales on public exchanges did not.
Consequently, Ripple was ordered to pay a $125 million civil penalty.
In March 2025, Ripple and the SEC reached a settlement. Under the agreement, Ripple would pay $50 million of the previously imposed fine, with the remaining $75 million returned to the company.
Both parties agreed to drop their respective appeals, effectively ending the litigation.
