Brazil Approves World’s First Spot XRP Exchange-Traded Fund
The first spot XRP exchange-traded fund (ETF) is set to launch in Brazil, following approval from the Comissão de Valores Mobiliários. Key details include:
- The fund, HASHDEX NASDAQ XRP FUNDO DE ÍNDICE, is in a pre-operational phase since December 10, 2024.
- Genial Investmentos is the fund administrator, while Hashed confirmed the approval and will provide further trading information soon.
- In the U.S., multiple spot XRP ETF applications are under review by the Securities and Exchange Commission, submitted by major asset managers such as CoinShares, Bitwise, 21Shares, and Grayscale.
- JPMorgan analysts estimate that these funds could attract billions in investments.
- The impact of the Brazilian ETF may be limited compared to potential similar funds launching in the U.S.