Brazil Leads the Way with the World’s First Spot XRP ETF.

Brazil to Introduce World’s First Spot XRP ETF, Awaiting Trading Launch

Brazil is set to launch 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).

According to regulatory filings, the ETF—HASHDEX NASDAQ XRP FUNDO DE ÍNDICE—entered its pre-operational phase on December 10, 2024. The fund is managed by Hashdex, while Genial Investimentos, a Brazilian brokerage firm, serves as its administrator.

Hashdex confirmed to local news outlet Portal do Bitcoin that the CVM had approved the fund. However, the company has not yet announced an official trading date on Brazil’s B3 exchange but assured that further updates would be provided soon.

Meanwhile, in the United States, the Securities and Exchange Commission (SEC) is considering multiple spot XRP ETF applications from major asset managers, including CoinShares, Bitwise, 21Shares, and Grayscale. Analysts at JPMorgan predict that such funds could attract billions of dollars by offering investors a regulated way to gain exposure to XRP without needing to manage private keys or use crypto exchanges.

While Brazil’s spot XRP ETF is a major milestone, its market impact is expected to be much smaller than that of a potential U.S.-based equivalent, given the larger size and influence of the American financial sector.

CoinDesk reached out to Hashdex for further comments but has not received a response.