B3 Lists First Crypto-ETF Option Backed by Hashdex's HASH11

Brazil's B3 registered the first guaranteed OTC flexible option tied to Hashdex's crypto-index ETF HASH11, with Inter and XP as counterparties and B3's clearinghouse serving as central counterparty. The trade placed crypto-ETF exposure inside the same back-office machinery — counterparty risk, margining, clearing, and settlement — that Wall Street is still asking US regulators to open to tokenized assets.

B3 expanded that machinery on May 6, when it began accepting real estate investment funds as eligible CCP collateral, bringing the eligible pool to roughly $146 billion. ETF quotas already sat on the eligibility list, and the HASH11 option adds a new structural role: crypto-linked assets as derivative underliers, not just collateral.

Why it matters

Brazil's record shows a market that has repeatedly moved infrastructure-level innovations from experiment to functioning market before larger markets finished debating them. Pix, the central bank's 24/7 instant-payment rail launched in 2020, processed more than $5 trillion by 2024 and now serves over 170 million users across roughly 900 institutions. Hashdex launched what Nasdaq called the world's first crypto ETF on the Bermuda Stock Exchange in February 2021; B3 listed HASH11 that April as Brazil's first crypto-index ETF. QBTC11 followed in June 2021, QR Asset marketed QSOL11 as the world's first spot Solana ETF, and B3-hosted Bitcoin futures with financial settlement crossed $400 billion in trading volume and 41 million contracts by their first anniversary in April 2025.

The pattern is a coherent stack — Pix for payments, B3 for listed and OTC infrastructure, crypto ETFs for regulated exposure, Bitcoin futures for hedging — rather than isolated bets. BlackRock's CFTC submission in 2025 argued that tokenized money market funds and stablecoins should be eligible in cleared and uncleared derivatives markets. Standard Chartered and OKX showed the offshore version in April 2026, letting institutions post BlackRock's BUIDL tokenized Treasury fund as collateral. The HASH11 trade is the same thesis executed inside a regulated clearinghouse.