- Brazil was the first country to launch a spot XRP ETF, unlike any other country, including the United States.
- Hashdex listed the XRP ETF on B3, an exchange in Brazil that enables investors to directly track the price of XRP.
- US asset managers are lobbying for XRP ETFs as political changes enhance the probability of approval.
Brazil has achieved a major milestone, having recorded the success of being the first country to introduce a spot XRP exchange-traded fund (ETF). Brazil’s leading asset manager, Hashdex, added the XRP spot ETF to the B3, Latin America’s largest exchange market, under the symbol XRPH11 on April 25.
The new ETF is tied to the Nasdaq XRP Reference Price Index, which provides Brazilian investors with a new way to invest in XRP through an exchange-traded instrument. Genial Investimentos will be the platform through which the fund will be operated, and Genial Bank SA will act as the fund’s custodian. Hashdex intends to invest at least 95% of the value of the fund in XRP through futures, securities, and other means.
This came after the company received approval from the Brazilian Securities and Exchange Commission (CVM) in February. More importantly, CVM has recently approved the Hashdex Solana spot ETF, implying that Brazil is opening up for more crypto-based investment instruments.
Growing Hashdex Presence on B3 Stock Exchange
The XRPH11 is the ninth Hashdex crypto ETF to list on the B3 exchange. Currently, the firm invests in Bitcoin, Ethereum, and Solana funds. The inclusion of XRP in Hashdex means that it will maintain its leadership in the investment in digital assets in Brazil.
The management fee is 0.8% of the fund; this includes a 0.7% annual global fee and a custodian fee of 0.1%. There are no structuring fees in the firms that make it easier for the investors to cut costs when structuring a long-term exposure.
Hashdex’s constant evolution indicates investors’ growing interest in diversified crypto products. The Brazilian market seems more favorable, mainly because of the continuation of the rule of law that provides a solid ground to invest in digital assets.
United States Faces Growing Pressure for XRP ETF Approval
Even though XRP originates from the United States, the country has not recognized a spot XRP ETF. While there’s a relatively recent leveraged XRP ETF, spot options are still unavailable.
However, there could be some changes due to the political shifts in Washington. Donald Trump recently promised to put the US at the forefront of adopting BTC. The increased push from his administration for regulatory certainty has encouraged numerous asset managers to seek an altcoin ETF application.
The Polymarket data show that the likelihood of an XRP ETF in the United States has increased significantly to about 73%. Pressure to increase the absence of approvals speed and efficiency may rise in the United States due to the desire to follow the Brazilian model.
The XRP fund market is already showing good signs of strength. CoinShares reported that $950 million AUM was invested in exchange-traded products linked to XRP as of April 18. In the same period, XRP funds attracted the largest weekly investments, with $37.7 million in new investment flows.
JPMorgan has predicted that XRP-related products may gain as much as $8 billion in net assets, a huge increase over current figures. According to analysts, if similar products are approved in the United States, there is potential for a $14 billion market for XRP and Solana ETFs.
