According to U.Today, the first spot Solana exchange-traded fund (ETF) is set to launch in Brazil following approvals from the Brazilian Securities and Exchange Commission (CVM). This development has generated excitement within the crypto community, with expectations that it could significantly boost the value of Solana (SOL).
QR Asset Management will offer the Solana ETF, with Vortx serving as the manager. QR Asset is a prominent asset manager in Brazil, managing assets worth over R$876 million (approximately $155 million) and catering to over 100,000 customers. The ETF is expected to begin trading once it receives approval from the Brazilian stock exchange B3. The fund's pricing will be driven by the CME CF Solana Dollar Reference Rate index, created by CF Benchmarks, which provides a credible valuation of Solana based on transaction data from leading crypto exchanges.
The approval of the Solana ETF underscores Brazil's leadership in the crypto ETF market and its commitment to advancing crypto adoption through a clear regulatory framework. While Brazil moves forward with its Solana ETF, the United States faces regulatory hurdles that have delayed similar initiatives. Despite applications from asset managers VanEck and 21Shares, the launch of a spot Solana ETF in the U.S. remains uncertain. Additionally, BlackRock, a major U.S. asset manager, has shown no interest in launching a Solana-based ETF, which could impact the approval process due to BlackRock's significant influence in the financial and crypto sectors.
