Brazil Launches World’s First Spot XRP ETF on B3 Exchange on April 25

Brazil has taken a significant step in the cryptocurrency investment landscape with the launch of the world’s first spot XRP exchange-traded fund (ETF) on the B3 stock exchange. The ETF, ticker XRPH11, began trading on April 25, offering investors a regulated avenue to gain exposure to XRP, the native token of the XRP Ledger, without directly managing the asset. Managed by Hashdex, a leading Brazilian asset manager, and administered by Genial Investimentos, the fund is now active on Brazil’s primary exchange.

XRPH11 ETF Details

The XRPH11 ETF tracks the Nasdaq XRP Reference Price Index, with Hashdex committing to invest at least 95% of the fund’s assets directly in XRP or related derivatives, ensuring close alignment with the token’s market performance. Genial Bank SA serves as the custodian, providing secure storage for the underlying assets, while daily transparency reports on holdings aim to build trust among institutional and sophisticated investors. The XRP ETF charges a competitive management fee of 0.7% annually, alongside a 0.1% custody fee. No structuring fees apply to the fund.

Hashdex Expands Crypto Offerings

Hashdex received approval from Brazil’s Securities and Exchange Commission (CVM) in February 2025, following a pre-operational phase that finalized preparations for the fund’s debut. This launch marks Hashdex’s ninth crypto ETF on B3, joining offerings tied to Bitcoin (BITH11), Ethereum (ETHE11), and Solana (SOLH11), catering to advanced investors seeking regulated crypto exposure. Samir Kerbage, Hashdex’s CIO, noted that XRPH11 targets institutions and sophisticated investors looking to develop crypto strategies within Brazil’s capital markets.

Growing Global XRP Investment Trend

Investment vehicles tied to XRP are gaining traction worldwide. According to CoinShares, exchange-traded products focused on XRP managed approximately $950 million in assets as of mid-April. The week before last alone, XRP funds saw an impressive inflow of $37.7 million, outpacing all other crypto funds.

JPMorgan predicted in January this year that Solana and XRP ETFs could generate around $13.6 billion in investments within 12 months of their launch. For XRP, with a market capitalization of $146.5 billion, potential ETF assets could reach $8.4 billion at a 6% penetration rate or $4.3 billion at a 3% penetration rate.

“XRP is a natural choice for an ETF due to its real-world utility, growing institutional demand, and overall market cap,” Silvio Pegado, Ripple’s Managing Director for Latin America, said in an interview with Portal do Bitcoin.

As of April 27, 2025, XRP trades at approximately $2.17, with a market capitalization of $126.88 billion, ranking it fourth among cryptocurrencies. Following the debut of the world’s first XRP ETF on Brazil’s B3 exchange, XRP’s price has shown no significant movement. This suggests that Brazil’s market size may be insufficient to drive notable shifts, or that Brazilian investors remain cautious about the XRP ETF. Additionally, Brazil’s approval of the first XRP ETF product could encourage the U.S. government to greenlight similar offerings. Currently, the U.S. Securities and Exchange Commission (SEC) has received multiple XRP ETF applications from major asset managers, including Grayscale, 21Shares, Bitwise, and Franklin Templeton.