Brazil’s first Solana ETF is set to launch soon after receiving approval from the CVM. According to a recent report, the fund aims to offer Brazilian investors diversified exposure to Solana (SOL).
The ETF is issued by QR Asset Management, Brazil’s top asset manager, and managed by Vortx, a key fintech player. QR Asset Management handles over R$876 million in assets and serves more than 100,000 direct and indirect clients, according to the company’s website.
The fund will trade on B3, Brazil’s main stock exchange, with the debut date pending. B3 also lists BlackRock’s iShares Bitcoin Trust BDR (IBIT39), launched in Mar. 2024. The report stated that the investment product will use the CME CF Solana Dollar Reference Index for pricing. This index aggregates transaction data from major crypto exchanges to offer a reliable valuation of SOL.
CVM approval boosts Brazil’s crypto status amid US ETF delay
The CVM’s approval could boost Brazil’s crypto leadership as Solana ETFs and other non-BTC/ETH crypto asset ETFs face delays with the US SEC. While the SEC has greenlit Ethereum and Bitcoin EFTs, its view on Solana as a security is still uncertain. Recent SEC vs. Binance updates hint at a potential change, but clarity is needed.
In the meantime, many financial leaders doubt that the US will approve a spot for Solana ETF anytime soon. JPMorgan forecasts that Solana ETF approval is unlikely in the near future.
However, BlackRock’s Head of Digital Assets, Robert Mitchnick, doubts adding a Solana ETF due to limited client demand. Despite this, some asset managers advocate for Solana spot ETFs. In late June, VanEck and 21Shares filed applications with the SEC for their Solana ETFs, initiating a regulatory review process.
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