Brazil has made a significant stride in the cryptocurrency space, launching the first exchange-traded fund (ETF) globally that tracks the spot price of XRP, the native cryptocurrency of Ripple.
The fund commenced trading on April 25 on Brazil’s main stock exchange, B3, as announced in a press release by Valor Econômico.
Dubbed Hashdex Nasdaq XRP Fundo de Índice (FI), the ETF is managed by the Brazilian asset management firm Hashdex, with Genial Investments Securities Brokerage SA overseeing its administration and Genial Bank SA acting as custodian.
Approval from Brazil’s CVM Following Hashdex’s Previous Solana Fund
In February, the Brazilian Securities and Exchange Commission (CVM) granted approval for the XRP ETF, following the green light it issued for Hashdex’s spot Solana ETF in August 2023.
After obtaining regulatory approval, the ETF went through a pre-operational phase before launching on the exchange under the ticker XRPH11.
This new fund replicates the XRP Reference Price Index (NQXRP), which monitors the real-time spot price of XRP across leading cryptocurrency exchanges.
According to the fund’s documentation, at least 95% of XRPH11’s net assets will be invested in XRP as well as related digital assets, securities, or futures that relate to the index.
Currently, the ETF has a reported net worth nearing $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
— Hashdex (@hashdex) April 25, 2025
XRPH11 features a competitive fee structure, which includes a maximum annual fee of 0.7% covering administration, management, and distribution, alongside a custody fee that is capped at 0.1% per year. Notably, the fund does not impose any structuring fees.
With this launch, Hashdex has expanded its roster of crypto ETFs on B3 to a total of nine products.
Samir Kerbage, Chief Investment Officer at Hashdex, noted that XRPH11 adds to the firm’s suite of mono-asset ETFs, which also includes funds linked to Bitcoin (BITH11), Ethereum (ETHE11), and Solana (SOLH11).
These ETF offerings are tailored for institutional investors looking to gain exposure to digital assets via Brazil’s regulated markets.
As Brazil sets this precedent with the inaugural XRP ETF, anticipation builds in the United States, where the SEC is currently evaluating applications for spot Solana and XRP ETFs.
Ripple Labs and SEC Conclude Legal Battle After Over Four Years
The protracted legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has come to a close after more than four years, representing a pivotal moment in cryptocurrency regulation.
The SEC initiated the lawsuit against Ripple Labs in December 2020, accusing the firm of engaging in an unregistered securities offering through the sale of XRP tokens, which allegedly raised over $1.3 billion.
Ripple challenged these allegations, maintaining that XRP should be classified as a digital currency, not a security.
In a mixed ruling issued in July 2023, U.S. District Judge Analisa Torres concluded that while XRP sales to institutional investors breached securities laws, sales conducted on public exchanges did not.
As a result, Ripple was mandated to pay a $125 million civil penalty.
In March 2025, Ripple and the SEC came to a settlement agreement, wherein Ripple would pay $50 million of the previously imposed fine and recover the remaining $75 million.
Both parties agreed to dismiss their appeals, thereby concluding the litigation.
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