Brazil Becomes Global Crypto Hub with 22+ Digital Asset ETFs

Brazil's B3 exchange has become a hub for crypto funds, hosting at least 22 ETFs offering full or partial exposure to digital assets. Hashdex, a Brazilian asset manager, has been instrumental in this growth, launching the world's first Solana ETFs in September 2024 and the first XRP ETF in April 2025.

The firm is set to launch a hybrid Bitcoin-and-gold ETF, GBTC11, on July 29, 2025. This product combines digital asset exposure with traditional gold investment, appealing to investors who want to dip their toes into crypto without committing fully.

Brazil's securities regulator, the CVM, has taken a pragmatic approach to crypto fund approvals, treating digital assets as a legitimate category rather than a regulatory hot potato. In contrast, the US SEC took years to approve a spot Bitcoin ETF and still hasn't greenlit standalone Solana or XRP products.

The expansion of regulated crypto ETFs in Brazil carries several implications for global investors. More ETFs mean more on-ramps for capital, creating channels through which institutional and retail money can flow into digital assets without requiring direct custody of tokens.