- Hashdex launched the world’s first spot XRP ETF, XRPH11, on Brazil’s B3 exchange, tracking the Nasdaq XRP Reference Price Index with Banco Genial as custodian.
- The ETF debuted with about US$40M in net assets, requires at least 95% allocation to XRP-related products, and charges a maximum 0.7% annual management fee.
- While Brazil advances with spot crypto ETFs, the US SEC continues to delay approvals for XRP and Solana ETFs despite strong investor demand.
Brazil just outpaced the US by beating it to the launch of the first spot XRP ETF, managed by digital asset investment firm Hashdex.
On April 25, the firm rolled out the Hashdex Nasdaq XRP Fundo de Índice (XRPH11) on B3, Brazil’s main stock exchange, according to a report from local news site Valor Econômico.
Managed by Hashdex and administered by Genial Investments, the fund tracks the spot price of XRP through the Nasdaq XRP Reference Price Index (NQXRP), with Brazilian financial group Banco Genial serving as the custodian.
Moreover, Brazil’s Securities and Exchange Commission (CVM) signed off on the fund in February, giving Hashdex the green light just months after it approved the firm’s spot Solana ETF.
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Spot XRP ETF Hits the Market with US$40M in Net Assets
XRPH11 quietly went through its pre-operational phase before finally hitting the market with roughly US$40M (AU$62.1) in net assets.
The ETF locks up at least 95% of its assets in XRP and related products, charging a maximum management and administration fee of 0.7% per year, plus a custody fee of up to 0.1%. There are no structuring fees.
Hashdex now has nine crypto ETFs trading on B3. Samir Kerbage, CIO of Hashdex, said XRPH11 joins the firm’s mono-asset lineup, alongside Bitcoin (BITH11), Ethereum (ETHE11), and Solana (SOLH11) offerings. These products mainly target institutions building crypto strategies inside Brazil’s financial system.
Meanwhile, the US Securities and Exchange Commission (SEC) continues to sleepwalk through ETF approvals. Both XRP and Solana (SOL) are still waiting in line as only spot Bitcoin and Ethereum ETFs have made it through.
The wait might cause frustration for investors, as both XRP, SOL, and other popular products have seen substantial demand. Analysts like JPMorgan estimate that approved spot Solana and XRP ETFs could pull in up to US$14B (AU$21.8B) in fresh investment.
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