Brazil Breaks New Ground with XRP Spot ETF – XRPH11 Debuts on B3
Move over, Wall Street—Brazil just lapped the US in the crypto ETF race. The country’s B3 exchange launched XRPH11, the world’s first XRP spot ETF, while the SEC still twiddles its thumbs over Bitcoin approvals.
Why it matters: This isn’t just another crypto fund. A spot ETF means direct exposure to XRP’s price movements—no synthetic derivatives or ’close enough’ approximations. Real asset, real market.
The cynical take: Traditional finance spent years dismissing XRP as ’uninvestable.’ Now they’ll scramble to copy Brazil’s homework. Bonus points for the ironic timing—just as US regulators choke on their own red tape.
Bottom line: When emerging markets lead on financial innovation, maybe ’developed’ markets aren’t so developed after all.
Hashdex launches the XRPH11 spot ETF on Brazil’s B3
🚀 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
— Hashdex (@hashdex) April 25, 2025
Hashdex launched the world’s first spot XRP ETF managed by Genial Investimentos, marking a pioneering development in Brazil’s crypto investment products. The asset manager tapped Genial Bank SA as the ETF’s custodian.
Samir Kerbage, CIO of Hashdex, disclosed that this was the ninth ETF the asset manager had launched on B3. It expanded the possibilities of diversification and exposure to digital assets with security, transparency, and alignment with regulatory guidelines. According to Kerbage, the fund aims to attract sophisticated investors, including institutions looking to build crypto portfolios on Brazil’s equity market infrastructure.
Brazil represents only 0.9% of the global AUM of crypto ETPs, although Hashdex secured a head start in conquering this market. XRPH11 must find global appeal to reach a notable AUM that will grant Hashdex a spot in the global crypto space. However, JPMorgan’s prediction in January suggested that these products could attract up to $8 billion in net flows, which was over eight times their current AUM size. XRP funds reportedly registered the strongest weekly inflows among other crypto-related ETPs last week, with about $37.7 million allocated.
Brazil previously launched a Solana ETF in 2024, which failed to garner significant attention or trading volume. In this case, XRPH11’s success may not be guaranteed. Still, XRPH11’s underperformance could disappoint investors and affect XRP’s price in the short term.
XRP ETFs are yet to launch in the U.S. despite several U.S. SEC applications
Large asset managers such as Grayscale and Bitwise have applied to launch 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 a spot XRP ETF sometime in 2025. On March 26, Polymarket gave an 86% chance that an XRP-based ETF product would be approved this year. However, users only have a 42% chance that an XRP ETF will be approved before July 31.
Nate Geraci, the president at ETF Store, said that the approval of an XRP ETF was next. He added that it was ‘obvious’ and only a matter of time before the U.S. SEC approved an XRP ETF. The executive also predicted that asset managers like BlackRock and Fidelity would be involved in offering the asset.
Former U.S. SEC Chair Gary Gensler repeatedly cited the absence of a regulated futures market as a red flag for market manipulation when denying previous altcoin ETF applications. However, introducing the agency’s new pro-crypto Chair, Paul Atkins, means that the U.S. SEC’s go-to excuse for denying altcoin ETFs, at least for XRP, might just have gotten ‘body-checked.’
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