Brazil’s CVM Greenlights World’s First XRP-Holding ETF by Hashdex

Brazil’s Securities and Exchange Commission (CVM) has made history by granting approval for what appears to be the world’s first exchange-traded fund (ETF) directly holding XRP. 

According to Portal do Bitcoin, the Hashdex NASDAQ XRP Index Fund will be managed by Hashdex and is set to list on the nation’s primary stock exchange, B3. 

Although the official trading date is still pending, Hashdex has confirmed it will provide details in the near future.

XRP is a ‘Natural Choice for an ETF’

According to the CVM’s database, the fund was established on December 10, 2024, with Genial Investimentos as its administrator. For Ripple’s Managing Director in Latin America, Silvio Pegado, XRP is a “natural choice for an ETF due to its real-world utility, growing institutional demand, and its overall market cap”. 

He noted that the approval “demonstrates” the country’s “visionary approach” to crypto markets: 

The approval of the first XRP ETF by the CVM demonstrates Brazil’s visionary approach to crypto markets and financial advancements. Through regulation and public consultations, Brazil continues to position itself as a country open to innovation, and we expect it to be central to more pioneering advancements in the crypto sector in the future.

Silvio Pegado, Ripple Managing Director Latin America

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Hashdex already offers ETFs tied to Bitcoin, Ethereum, and Solana in Brazil since 2024. The CVM has been more receptive to digital assets, prompting other issuers like VanEck and 21Shares to file for a spot in Solana ETF. That’s quite the contrast with US regulators, who are only now starting to open the gates for proper crypto legislation in the country — thanks to newly appointed leaders like Hester Peirce, the new head of the SEC’s Crypto Task Force.

Talking about the SEC in the US, the agency has acknowledged multiple ETF filings, including those for Solana and XRP. The clock is ticking, and the chances for approval are high, including 70% and 65%, respectively.