Brazil’s Securities and Exchange Commission (CVM) has made history by approving the world’s first spot Solana exchange-traded fund (ETF). This groundbreaking ETF is currently in its pre-operational phase and is awaiting final approval from Brazil’s stock exchange, B3.
The ETF will be benchmarked against the CME CF Solana Dollar Reference Rate index, developed by CF Benchmarks with support from the Chicago Mercantile Exchange (CME). QR Asset, a Brazilian asset management firm, will be introducing this innovative ETF to the market, with Vortx serving as the manager.
Theodoro Fleury, manager and investment director at QR Asset, expressed his excitement about the new ETF, stating that it reaffirms their commitment to offering quality and diversification to Brazilian investors. This move solidifies Brazil’s position as a leading market for regulated investments in crypto assets.
This approval comes on the heels of B3 offering BTC Brazilian Depositary Receipt (BDR) ETFs in March 2024, allowing local investors to gain exposure to foreign securities such as BlackRock’s US-issued Bitcoin ETF. Brazil’s approval of the Solana-based ETF showcases the country’s dedication to embracing innovative investment opportunities.
Furthermore, VanEck recently filed for the first Solana ETF in the United States, indicating a growing interest in Solana-based investment products globally. This development marks a significant step forward for Brazil’s financial sector and demonstrates its commitment to staying at the forefront of the evolving investment landscape.
