Brazil Approves World’s First Spot XRP ETF, Launch Date Still Uncertain
Brazil is set to make history with the launch of the world’s first spot XRP exchange-traded fund (ETF) following approval from the country’s securities regulator, the Comissão de Valores Mobiliários (CVM).
The fund, officially named HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, is currently in its pre-operational phase after being established on December 10, 2024, according to CVM records. Genial Investimentos, a Brazilian investment brokerage firm, has been appointed as the fund’s administrator.
Hashdex, the fund’s manager, confirmed the CVM approval to local news outlet Portal do Bitcoin. While an official trading date on Brazil’s B3 exchange has yet to be announced, Hashdex stated that further details will be provided soon.
Meanwhile, in the United States, the Securities and Exchange Commission (SEC) is reviewing multiple spot XRP ETF applications from major asset managers such as CoinShares, Bitwise, 21Shares, and Grayscale. Analysts at JPMorgan suggest that the approval of these funds could attract billions of dollars into the crypto market by offering regulated exposure to XRP without requiring direct interaction with crypto exchanges or private key management.
Despite its significance, the Brazilian spot XRP ETF is expected to have a much smaller impact compared to a potential launch of a similar product in the U.S.
CoinDesk reached out to Hashdex for further comment but has yet to receive a response.
