Brazil Set to Launch First Spot XRP ETF Following Regulatory Approval
Brazil is poised to introduce the world’s first spot XRP exchange-traded fund (ETF) after receiving approval from the country’s securities regulator, the Comissão de Valores Mobiliários (CVM).
The ETF, named HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, was established on December 10, 2024, and is currently in its pre-operational phase, according to regulatory filings. The fund is managed by Hashdex, with Genial Investimentos, a local brokerage firm, acting as its administrator.
Hashdex confirmed the approval to local news outlet Portal do Bitcoin, though an official launch date for trading on Brazil’s B3 exchange has yet to be announced. The company stated that more details will be shared soon.
In the U.S., the Securities and Exchange Commission (SEC) is evaluating multiple applications for spot XRP ETFs from major asset managers, including CoinShares, Bitwise, 21Shares, and Grayscale. Analysts at JPMorgan suggest that these ETFs could inject billions into the crypto market by offering investors regulated exposure to XRP without needing to hold the asset directly.
While the Brazilian spot XRP ETF marks a significant development, its impact is expected to be far smaller than a potential launch of a similar product in the U.S., given the American market’s size and global influence.
CoinDesk contacted Hashdex for further comments but has yet to receive a response.
