Brazil Approves World’s First Spot Solana ETF, Awaiting Final B3 Approval

• The Brazilian Securities and Exchange Commission has approved the launch of the world’s first spot Solana-based ETF.
• The spot Solana ETF, managed by QR Asset and Vortx, will mirror the CME CF Solana Dollar Reference Rate.
• The ETF is expected to be launched within 90 days, pending final approval from Brazil’s main stock exchange, B3.

Brazil’s Securities and Exchange Commission (CVM) has approved the launch of the world’s first spot Solana-based exchange-traded fund (ETF). The product is still in its pre-operational phase and awaits final approval from Brazil’s main stock exchange, B3.

Brazil’s Push in the Crypto Market

The spot Solana ETF, managed by Brazilian asset manager QR Asset with Vortx handling operations, will mirror the CME CF Solana Dollar Reference Rate. This index aims to provide a reliable USD value for Solana, highlighting Brazil’s proactive approach to regulated crypto investments and its ambition to lead in this field.

Theodoro Fleury, Chief Investment Officer of QR Asset, expressed his enthusiasm for the ETF’s introduction, emphasizing the commitment to offering quality and diversification to Brazilian investors. Fleury stated, “We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.”

Integration of Solana into Financial Systems

This initiative marks a significant milestone in integrating Solana into mainstream financial systems. It is the first Solana-based product in Brazil, reflecting the country’s strong inclination toward pioneering financial products. Brazil’s B3 has been instrumental in adopting crypto trends, having listed several ETFs, including Bitcoin and Ethereum ETFs, between 2021 and 2022. Recently, it began offering BlackRock’s iShares Bitcoin Trust ETF (IBIT).

Despite the groundbreaking nature of this development, there is no significant impact on the price of Solana. As of this writing, Solana has been trading at $153, down by 0.24% in the past 24 hours.

Developments in the US Solana ETF Space

In the meantime, the Solana ETF space in the US is seeing similar developments. VanEck and 21 Shares, investment firms, filed for a spot in Solana ETF with the US Securities and Exchange Commission (SEC) in June. Furthermore, the Chicago Board Options Exchange (CBOE) submitted form 19b-4s to the SEC for Solana ETFs in July and opened up this rule change proposal to public comment.