The Brazilian Securities and Exchange Commission (CVM) has given the green light to a spot Solana exchange-traded fund (ETF).
Developed by Brazilian asset manager QR Asset and managed by Vortx, the ETF is currently in a pre-operational stage. It is now awaiting final approval from the Brazilian stock exchange, B3, before it can commence trading.
Solana ETF to Use CME CF Rate, Boosting Brazil’s Crypto Market
The approved Solana ETF will reference the CME CF Solana Dollar Reference Rate, developed by CF Benchmarks and the Chicago Mercantile Exchange (CME). This benchmark will guide the ETF’s valuation.
QR Asset manager and chief investment officer Theodoro Fleury highlighted the firm’s role as a “global pioneer in this segment.” He emphasized that the ETF solidifies Brazil’s position as a leading market for regulated investments in crypto assets.
Brazil Surpasses US in Launching Spot Solana ETF
With the CVM’s approval, Brazil has moved ahead of the U.S. in bringing a spot Solana ETF to market. This comes as multiple U.S. firms, including VanEck and 21Shares, have filed S-1 registration forms with the SEC, hoping to gain approval for their spot Ethereum ETFs.
In May, British bank Standard Chartered forecasted that Solana and XRP ETFs are likely to emerge, but noted that these developments are expected to happen in 2025 rather than 2024.
Solana ETF Updates: US and Canada
Last month, VanEck’s head of digital assets suggested that the approval of a U.S. Solana ETF might depend on the outcome of the U.S. presidential election. He criticized the absence of a regulated futures market for Solana as a “Psyop” orchestrated by SEC chair Gary Gensler.
In contrast, asset manager BlackRock has remained on the sidelines, expressing skepticism and predicting that additional ETFs beyond Bitcoin and Ethereum are unlikely to emerge soon.
Meanwhile, in Canada, investment fund manager 3iQ has filed for a Solana ETF, aiming to be the first to launch such a product in North America. 3iQ plans to stake the SOL it acquires to support the fund’s shares, stating that their Solana Fund will provide simple exposure to SOL and earn rewards through staking.
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