First $XRP ETF Approved—Will Solaxy’s Solana L2 Gain Too?

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It’s a major win for Ripple ($XRP) as Brazil’s securities regulator Comissão de Valores Mobiliários (CVM) approved the world’s first $XRP spot exchange-traded fund (ETF).

The news is yet another big step in the company’s expansion, which already includes partnerships with central banks.

The crypto market has reacted positively to this development, which raised $XRP’s price in the past 48 hours. The development is also sure to increase the exposure of other ETFs in Brazil. This includes Solana ($SOL)—which has two ETFs in the country—as well as related projects like Solaxy ($SOLX).

Let’s dive into the details below.

$XRP Gains Added Exposure with ETF Approval

Brazil’s CVM announced the approval of the $XRP spot ETF on February 18, the first of its kind worldwide. Formally known as the ‘Hashdex NASDAQ XRP Index Fund,’ the fund was established on December 10, 2024, and will be traded in B3, the country’s main stock exchange.

With brokerage firm Genial Investimentos as its administrator, the $XRP ETF will allow investors to gain direct exposure to $XRP.

This means they will be able to speculate on the digital currency’s price in the stock market without actually owning $XRP tokens. This will also facilitate investing in the token, as they can do this without using crypto wallets.

There’s no information yet, however, regarding the ETF’s launch date. We’ll keep you posted as soon as it happens.

A Major Win for $XRP and Other Cryptocurrencies

The approval of the first $XRP spot ETF will certainly help with Ripple’s rapid expansion worldwide, as explained above.

But on top of the ETF, the company has also partnered with 10 central banks—including Colombia, Georgia, and Montenegro—to help develop their respective Central Bank Digital Currencies.

The CVM’s approval could also accelerate the confirmation of other $XRP ETFs currently under review in the US, such as Rex-Osprey $XRP ETF, Canary $XRP ETF, and 21Shares Core $XRP Trust. A more crypto-friendly US government will also increase the possibility of this approval.

$XRP’s entry into the Brazilian stock exchange also reflected positively on the token’s price. As of writing, XRP is at $2.69 after bottoming out at $2.12 on February 3.

$XRP chart on Coin Gecko