The post Solana ETF Approval In Brazil: A Turning Point for SOL Price? appeared first on Coinpedia Fintech News

The Brazilian Securities and Exchange Commission (CVM) has approved a second Solana ETF, expanding crypto investment options in the country, according to CVC data. This new ETF is set to be offered by Hashdex, a prominent asset manager, in collaboration with BTG Pactual, one of Brazil’s leading investment banks.

BREAKING: BRAZIL REGULATOR APPROVES THE LAUNCH OF SECOND $SOL ETF pic.twitter.com/QLuRW39QKo

— DEGEN NEWS (@DegenerateNews) August 21, 2024

Hashdex Partners with BTG Pactual

Hashdex is no stranger to the ETF market, having already launched successful products like the Nasdaq Crypto Index and ETFs based on Bitcoin and Ethereum on the B3 Brazilian stock exchange. This partnership with BTG Pactual aims to bring another innovative product to Brazilian investors, further solidifying Hashdex’s presence in the crypto ETF space.

First Solana ETF Paved the Way

This new approval comes shortly after the CVM greenlit Brazil’s first Solana ETF, introduced by QR Asset Management, on August 8. QR Asset’s ETF is still in its pre-operational stage, awaiting final approval from the B3 stock exchange, and is expected to launch in the next two months.

These Solana ETFs are designed to provide Brazilian investors with an easy way to access the Solana ecosystem without purchasing and storing SOL tokens directly. The ETFs will track the CME CF Solana Dollar Reference Rate, ensuring their prices accurately reflect real market conditions by pulling data from multiple crypto exchanges.

What Next for Solana ETFs?

The Hashdex and QR Asset Solana ETFs are in the pre-operational phase, and their launches are anticipated soon. These ETFs are expected to open new avenues for crypto investment in Brazil, allowing investors to engage with Solana in a simplified and secure manner. 

Meanwhile, US Solana ETFs may not launch. It appears the SEC will not approve a third crypto ETF. BTC and ETH ETFs dominate the market, but CBOE eliminated Solana ETFs. According to the experts, one major reason for this might be the SEC’s stance on Solana. We know that the Securities and Exchange Commission has marked many cryptos as securities, and Solana is one of them.