Brazil has achieved a major milestone in cryptocurrency adoption by launching the world’s first spot XRP exchange-traded fund (ETF), marking another win for the digital asset ecosystem following Ripple’s legal triumph over the U.S. Securities and Exchange Commission (SEC).
The Hashdex Nasdaq XRP Fundo de Índice (XRPH11) began trading on April 25 on the B3 Exchange, Brazil’s largest stock exchange. Managed by Hashdex, a leader in digital asset investment solutions, and administered by Genial Investments Securities Brokerage SA, XRPH11 offers institutional-grade exposure to Ripple’s XRP under Brazil’s rigorous regulatory framework.
CVM Gives Green Light for XRP Investment Vehicle
Brazil’s securities regulator, the CVM, granted approval for the XRP ETF back in February 2025. This follows CVM’s growing openness to crypto, having previously authorized Hashdex’s spot Solana ETF (SOLH11) in August 2023.
XRPH11 tracks the XRP Reference Price Index (NQXRP), maintaining real-time alignment with XRP’s global spot price. The fund’s strategy mandates that at least 95% of its assets be allocated to XRP or XRP-related products, ensuring strong correlation to the underlying asset.
The ETF launched with a reported net worth near $40 million, carrying an attractive 0.7% annual management fee and a 0.1% custody fee, with no structuring fees applied.
Hashdex Expands Crypto ETF Offerings
The XRP ETF joins Hashdex’s growing roster of regulated crypto products on B3, including BITH11 (Bitcoin ETF), ETHE11 (Ethereum ETF), and SOLH11 (Solana ETF).
Samir Kerbage, Chief Investment Officer at Hashdex, noted that XRPH11 strengthens Brazil’s leadership in offering traditional investors regulated access to blockchain assets, stating, “We’re helping bring clarity and trust to crypto investment.”
Ripple’s Legal Win Sets Stage for XRP ETFs Worldwide
The launch comes at a time of renewed optimism for XRP. Ripple Labs recently settled its years-long lawsuit with the U.S. SEC. After a July 2023 ruling that XRP sales to the public did not constitute securities offerings, Ripple and the SEC finalized a March 2025 settlement reducing Ripple’s civil penalty to $50 million from the original $125 million.
The conclusion of the Ripple case removes a major regulatory overhang, paving the way for XRP-related investment vehicles like XRPH11—and possibly similar products in the U.S., where spot XRP and Solana ETF applications are now pending.
Outlook: Brazil Positions Itself as a Crypto ETF Hub
Brazil’s proactive stance towards crypto ETFs sets a global precedent as regulatory frameworks evolve. While the U.S. SEC remains cautious, Brazil’s CVM shows that clear guidelines and constructive engagement can foster innovation without sacrificing investor protection.
With demand for diversified crypto exposure rising among institutions, Brazil’s XRPH11 could become a blueprint for how the next generation of spot crypto ETFs will be structured globally.
