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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Brazil’s Securities and Exchange Commission (CVM) approved the country’s first XRP spot exchange-traded fund (ETF) on February 18, making it the first of its kind globally.
The ETF was introduced by asset manager Hashdex and will allow investors to gain exposure to XRP, the native token of the Ripple blockchain, through Brazil’s stock exchange, B3.
Brazil Approves Hashdex XRP ETF: A Game Changer for Crypto?
According to a report from Portal do Bitcoin, this new approval marks a breakthrough for both Hashdex and the country’s financial market.
The ETF, officially named the Hashdex Nasdaq XRP Index Fund, was established on February 18, 2025, and is currently in its pre-operational phase.
Genial Investimentos, a Brazilian brokerage firm, has been appointed as the fund’s administrator.
Additional details on the fund’s structure and trading mechanics have yet to be disclosed, as Hashdex confirmed the approval but did not provide a specific launch date.
The firm stated that further information on the ETF’s debut on B3 would be released later.
Industry experts see this move as a massive step toward a broader crypto adoption. Especially as XRP is the third-largest cryptocurrency globally with a market capitalization of $151 billion, trailing only Bitcoin and Ethereum.
Ripple’s Latin America Managing Director, Silvio Pegado, highlighted the significance of this approval, citing XRP’s real-world applications, rising institutional demand, and strong market presence as key factors supporting its suitability for an ETF.
“XRP is a natural fit for an ETF due to its real-world use cases, rising institutional demand, and strong market presence,” Pegado stated
He added that Brazil’s progressive stance on crypto regulation might as well set a precedent for financial innovation.
“Following the approval of one of the first Bitcoin ETFs in 2021, the launch of an XRP ETF further underscores the country’s progressive regulatory stance and commitment to fostering a dynamic crypto market,” he said.
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XRP ETFs Gain Momentum as Brazil Leads Crypto Adoption
A Chainalysis report on October 9, 2024, revealed that Brazil’s crypto users deposited approximately $90 billion in digital assets between July 2023 and June 2024.
Stablecoins accounted for 59.8% of this volume, with Bitcoin, Ether, and altcoins making up the rest.
With Brazil leading in crypto adoption, the market is seeing increased interest in XRP ETFs.
Several asset managers, including Cboe BZX, Rex-Osprey, Canary, 21Shares, and Grayscale, have filed for XRP-linked ETFs, further increasing optimism.
Additionally, the U.S. Securities and Exchange Commission (SEC) recently acknowledged filings from Grayscale and 21Shares for spot XRP and Dogecoin ETFs.
Bloomberg analysts James Seyffart and Eric Balchunas predict a 65% chance of XRP ETF approvals before the end of 2025.
However, they note that regulatory uncertainty remains, especially given the ongoing SEC lawsuit against Ripple.
In August 2023, a court ruled XRP wasn’t a security when sold on secondary markets, but the SEC appealed, arguing Ripple violated securities laws in its retail sales.
With the SEC’s stance evolving under the Trump administration, optimism for XRP ETFs is rising.
JP Morgan analysts estimate that U.S.-approved XRP ETFs could attract $3–$6 billion in investments.
ETFs on Its Way to Open Crypto to Mainstream Adoption
As the SEC reviews these filings, Hashdex’s XRP ETF is expected to launch on Brazil’s B3 stock exchange, potentially influencing institutional adoption worldwide.
The SEC’s stance on crypto has evolved under the Trump administration. The approval of XRP ETFs and other major crypto ETFs could mark a turning point for institutional adoption and mainstream integration into traditional finance.
The global landscape for crypto ETFs may soon see a ripple effect, expanding access to XRP investment products.
