World’s First Spot XRP ETF to Debut in Brazil.

Brazil to Launch World’s First Spot XRP ETF Following Regulatory Approval

Brazil is set to introduce 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 the regulator’s website, the fund—HASHDEX NASDAQ XRP FUNDO DE ÍNDICE—entered its pre-operational phase on December 10, 2024. The fund is managed by Hashdex, with Genial Investimentos, a Brazilian investment brokerage, serving as the administrator.

Hashdex confirmed to local news outlet Portal do Bitcoin that the ETF has been approved by the CVM. However, an official trading date on Brazil’s B3 exchange has not yet been announced. The firm stated that further details will be released soon.

In the United States, the Securities and Exchange Commission (SEC) is reviewing several applications for spot XRP ETFs from major asset managers, including CoinShares, Bitwise, 21Shares, and Grayscale. Analysts at JPMorgan predict that the approval of these funds could bring billions of dollars into the crypto market by providing a regulated alternative to direct XRP investments.

Despite being a significant milestone, the Brazilian spot XRP ETF is expected to have a smaller impact compared to the potential approval of a similar fund in the U.S.

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