Brazil Launches First Spot XRP ETF: XRPH11 Begins Trading

Today, Brazil has introduced the world's first spot XRP ETF, named XRPH11. The fund is issued by Hashdex and managed by Genial Investimentos, beginning trading on April 25 on Brazil’s B3 stock exchange. This swift approval contrasts sharply with the delays faced in the United States, where regulatory hurdles continue to hinder similar products. Brazil’s proactive stance underscores its emerging reputation as a crypto-friendly country, further reinforced by its earlier launch of the Solana ETF.

The XRPH11 ETF aims to track the Nasdaq XRP Reference Price Index, with at least 95% of its assets invested directly or indirectly in XRP. This portfolio includes spot holdings, futures, and other crypto-related instruments. Although the exact trading volume hasn't been disclosed, the ETF is actively listed on B3. This is Hashdex’s ninth cryptocurrency ETF, joining products for Bitcoin, Ethereum, and Solana.

Targeting institutional and sophisticated investors, Hashdex’s CIO, Samir Kerbage, emphasized that XRPH11 is built around principles of transparency and investor protection, aligning with local regulations.

Globally, XRP ETFs currently manage approximately $950 million. Recent inflows into XRP funds have reached $37.7 million, the highest among crypto ETPs. Analysts from JPMorgan project that XRP ETFs could attract up to $8 billion over time. While Hashdex leads in Brazil, the country’s market represents less than 1% of the global crypto ETP market, so international attention will be crucial for XRPH11's success.

Brazil’s quick move to launch this ETF puts it ahead of the U.S., where regulatory delays persist. However, past launches, like the Solana ETF, have not always attracted significant investor interest. The short-term impact on XRP’s price could be volatile, depending on the ETF's performance. Optimism remains high that the U.S. will approve its own spot XRP ETF soon, with predictions suggesting a 74% chance of approval within 2025.

FAQs include the expected SEC decision date around May 22, 2025, and plans by Hashdex to expand its ETF offerings to include other altcoins like Solana, Cardano, Chainlink, and more. The XRPH11's performance may influence XRP’s price in the short term, potentially boosting demand but also introducing volatility.