Brazil has officially launched the world’s first spot XRP ETF. The fund, titled XRPH11, began trading on April 25, 2025, on B3, the country’s principal stock exchange. Issued by Hashdex and managed by Genial Investimentos, this marks another milestone in Brazil’s progressive approach to digital assets—cementing its leadership in the Latin American crypto market.
XRPH11 Offers Direct Exposure to XRP via Nasdaq Price Index
XRPH11 is structured to track the Nasdaq XRP Reference Price Index, allocating at least 95% of its assets directly or indirectly to XRP. This includes exposure through spot XRP, futures contracts, and other crypto instruments. While its initial trading volume hasn’t yet been made public, the ETF is now live and listed on B3’s official website.
The launch of XRPH11 positions Hashdex at the forefront of crypto innovation in Brazil. This is the company’s ninth crypto ETF, following previous offerings for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Institutional Appeal: A Regulated Gateway to XRP
According to Samir Kerbage, Chief Investment Officer at Hashdex, XRPH11 is designed primarily for institutional and sophisticated investors. The goal is to provide a regulated and transparent investment vehicle aligned with Brazilian securities laws, while offering direct exposure to XRP without the complexities of self-custody.
Kerbage emphasized that the fund is structured with investor protection and transparency as core principles—key factors in gaining the trust of the professional investment community.
The Global XRP ETF Race: Brazil Leads, U.S. Lags Behind
Globally, XRP-focused ETFs currently manage around $950 million in assets, according to CoinShares. However, the market is heating up. Last week alone, XRP-related products saw $37.7 million in inflows—the highest across all crypto-based exchange-traded products (ETPs).
Analysts at JPMorgan project that XRP ETFs could eventually attract up to $8 billion in net inflows, driven by institutional interest and retail demand. While Brazil’s ETF market makes up only 0.9% of the global crypto ETP sector, the country’s early move could attract international investors, especially if U.S. regulators continue to delay their approvals.
Polymarket, a prediction platform, currently gives a 74% probability that the U.S. will approve a spot XRP ETF sometime in 2025.
A Bold Bet with Mixed Precedents
While XRPH11’s launch is being hailed as groundbreaking, success is not guaranteed. Brazil previously launched a Solana ETF in 2024, which failed to garner significant attention or trading volume.
If XRPH11 underperforms, it may not only disappoint investors but could also affect XRP’s price in the short term. Still, the positive sentiment surrounding XRP’s regulatory progress and increasing institutional interest suggests a more optimistic trajectory for XRPH11.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
