
The world’s first spot XRP exchange-traded fund (ETF) is set to debut soon in Brazil following approval from the country’s securities watchdog, the Comissão de Valores Mobiliários (CVM). The fund is named HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, and it is currently in a pre-operational phase since its establishment on December 10, 2024. The administrator of the fund is Genial Investmentos, a local investment brokerage firm.
According to local news outlet Portal do Bitcoin, the fund manager, Hashed, confirmed that the CVM has approved the fund’s launch. No official date has been set for trading on Brazil’s B3 exchange, but Hashed promises to provide updates soon.
In the United States, similar filings for spot XRP ETFs have been submitted to the Securities and Exchange Commission by major asset managers, including CoinShares, Bitwise, 21Shares, and Grayscale.
The introduction of these funds will allow investors to gain regulated exposure to the underlying asset without the need to navigate crypto exchanges or manage private keys, potentially attracting billions to the market, as suggested by JPMorgan analysts.
However, the anticipated impact of the spot XRP ETF in Brazil may pale in comparison to the prospect of a similar fund launching in the U.S.
CoinDesk attempted to contact Hashdex for further information but did not receive a response by the time of publication.