On April 25, 2025, Hashdex made history by launching the world’s first spot XRP ETF, trading under the ticker XRPH11 on Brazil’s B3 stock exchange. This new ETF offers investors a regulated and transparent way to gain exposure to XRP, one of the top cryptocurrencies, without holding the asset directly.
What Is the Hashdex XRP ETF (XRPH11)?
The XRPH11 ETF tracks the Nasdaq XRP Reference Price Index and allocates at least 95% of its net assets to XRP. It achieves this exposure through a mix of direct XRP holdings and financial instruments like futures contracts that replicate XRP’s price movements.
The ETF is issued by Hashdex and managed by Genial Investimentos, marking Hashdex’s ninth crypto ETF on B3. It joins other popular crypto ETFs focused on Bitcoin, Ethereum, and Solana, giving Brazilian investors a broader range of regulated crypto investment options.
Why Is This Launch Important?
Brazil is now the first country in the world to offer a spot XRP ETF. This is a major milestone because:
- The United States, where XRP is headquartered, still has no approved spot XRP ETFs due to ongoing regulatory delays by the SEC.
- It provides Brazilian retail and institutional investors with a safe and regulated way to invest in XRP.
- It strengthens Brazil’s position as a growing crypto investment hub in Latin America.
- It taps into a growing market, as XRP-related exchange-traded products currently hold about $950 million globally, with JPMorgan forecasting potential inflows up to $8 billion.
How Does the XRPH11 ETF Work?
Investors buying shares of XRPH11 don’t need to hold XRP themselves. The ETF handles the complexities by:
- Holding XRP directly in custody
- Using futures contracts and other instruments that closely follow XRP’s price based on the Nasdaq XRP Reference Price Index.
This structure offers price exposure to XRP while operating within Brazil’s regulated financial system.
Brazil vs. U.S. XRP ETFs: A Quick Comparison
| Feature | Brazil (XRPH11) | United States (Pending) |
| ETF Status | Live and trading on B3 | Applications filed but no approval |
| Regulator | Brazil’s CVM | U.S. SEC |
| Crypto Exposure | Spot XRP ETF with 95%+ XRP holdings | No spot XRP ETF approved yet |
| Institutional Access | Available and regulated | Awaiting regulatory approval |
| Market Potential | Latin America’s largest economy | Largest crypto market but regulatory delays |
What This Means for Investors and the Crypto Market
The XRPH11 ETF launch opens new doors for XRP adoption in Brazil and beyond. It offers a regulated vehicle for investors who want crypto exposure without the risks of holding digital assets directly.
This move may also put pressure on U.S. regulators to approve similar ETFs, especially since XRP is a U.S.-based cryptocurrency. If more countries follow Brazil’s lead, XRP’s liquidity and price stability could improve worldwide.
Key Takeaways
- XRPH11 is the world’s first spot XRP ETF, live on Brazil’s B3 exchange since April 25, 2025.
- The ETF holds at least 95% XRP exposure through direct holdings and financial instruments.
- Brazil leads Latin America in regulated crypto ETFs, with Hashdex launching multiple products.
- XRP ETFs globally are growing, with potential to reach an $8 billion market.
- The U.S. market still awaits regulatory approval for XRP ETFs.
FAQs
Q: What is the ticker symbol for the Hashdex XRP ETF?
- A: XRPH11.
Q: How much of the ETF’s assets are invested in XRP?
- A: At least 95%.
Q: Where is this ETF traded?
- A: On Brazil’s B3 stock exchange.
Q: Is this the first XRP ETF in the world?
- A: Yes, it is the first spot XRP ETF globally.
Q: Why hasn’t the U.S. approved an XRP ETF yet?
- A: The U.S. SEC has regulatory concerns and has not approved any spot XRP ETFs so far.
Q: Who manages the ETF?
- A: Hashdex issues the ETF, and Genial Investimentos manages it.
