Brazil approves world’s first Solana spot ETF

According to Cointelegraph, the Brazilian Securities and Exchange Commission (CVM) has approved the launch of the world’s first Solana spot ETF, which will be offered by Brazilian asset management company QR Asset and Vortx, a local fintech company focused on capital markets, will serve as its manager.

CVM’s database shows that the ETF is currently in the pre-operational stage, but for regulatory reasons, the ETF still needs approval from the Brazilian Stock Exchange – B3 before it can be officially listed for trading. Although a specific launch date for the fund has not yet been determined, It is expected to be launched within 90 days.

Additionally, this Solana-based ETF will use the CME CF Solana Index as the reference rate. The index, developed in partnership between the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF), aims to provide a standardized and accurate quote for Solana’s price based on trading data conducted by major cryptocurrency exchanges.

U.S. Solana Spot ETF No Deal

Soon after the successful launch of Bitcoin and Ethereum spot ETFs in the United States, the Solana ETF began to become the next focus of ETF issuers and investors. Investment management firm VanEck is the first company to file for a Solana spot ETF in the United States.

However, due to current regulatory policies from the U.S. Securities and Exchange Commission (SEC), it may be difficult for the Solana ETF to gain approval in the short term. VanEck CEO Jan van Eck noted that approval of the Solana Spot ETF would depend on a change in U.S. political administration, especially the election of a more crypto-friendly president.

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