Brazilian Securities and Exchange Commission Approves First Solana ETF
The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF).
The approval was disclosed in the CVM’s central database on Wednesday, according to local news outlet Exame.
The Solana-based ETF is the first of its kind in Brazil and one of the pioneering Solana-based exchange-traded products (ETPs) globally.
The initial Solana ETP was launched by Switzerland’s 21Shares on the SIX Swiss Exchange in June 2021.
Currently, the Solana ETF is in a pre-operational stage and awaits approval from the Brazilian stock exchange, B3.
The ETF will follow the CME CF Solana Dollar Reference Rate, developed by CF Benchmarks with the Chicago Mercantile Exchange (CME).
Brazilian asset manager QR Asset will offer the ETF, with Vortx, a local fintech specializing in capital markets, serving as its manager.
“This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets,” said Theodoro Fleury, manager and chief investment officer of QR Asset.
Brazil has been a fertile ground for ETFs in recent years.
The Brazilian stock exchange, B3, listed a Bitcoin ETF and an Ethereum ETF between 2021 and 2022.
In March 2024, B3 began offering BlackRock’s iShares Bitcoin Trust ETF (IBIT).
Just recently, Cboe requested the SEC to permit asset managers VanEck and 21Shares to introduce a Solana-based ETF to the market in the United States.
However, this request has yet to be approved.
Last month, asset management firm Franklin Templeton fueled speculations with its endorsement of the blockchain’s vision and achievements.
In a post on X, Franklin
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