Brazil is set to make history with the launch of the world’s first spot XRP ($2.66) exchange-traded fund (ETF), following approval by the country’s securities regulator, the Comissão de Valores Mobiliários (CVM).
According to the regulator’s website, the fund, dubbed HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, is currently in its pre-operational phase after being established on December 10, 2024. The fund is managed by Genial Investimentos, a local investment brokerage firm.
The fund’s manager, Hashdex, confirmed to local news outlet Portal do Bitcoin that CVM has approved the ETF. While an official listing date on Brazil’s B3 exchange has not yet been announced, Hashdex said more details will be announced soon.
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The approval marks a significant step for XRP adoption as investors gain regulated exposure to the coin without the need to use crypto exchanges or manage private keys. Analysts at JPMorgan suggest that such funds could attract billions of dollars into the market.
Meanwhile, in the United States, the Securities and Exchange Commission (SEC) has received multiple spot XRP ETF applications from major asset managers, including CoinShares, Bitwise, 21Shares, and Grayscale. The potential approval of such funds in the US is expected to have a much larger impact on the market compared to the Brazilian launch.
*This is not investment advice.
Continue Reading: Important Development for XRP: A World First
