Brazilian SEC Approves First Solana ETF Pending Stock Exchange Nod

The Brazilian Securities and Exchange Commission (CVM) has approved the country’s inaugural Solana exchange-traded fund (ETF). According to Brazilian news outlet Exame, this Solana ETF, which will be developed by QR Asset Management and operated by Vortx, will utilize CF Benchmarks’ Solana Dollar Reference Rate Index as its benchmark.

Despite regulatory approval, the launch of the Solana ETF is contingent upon authorization from the Brazilian stock exchange B3, indicating that the ETF remains in a pre-operational phase.

QR Asset has expressed pride in pioneering a Solana-based exchange-traded product, reinforcing Brazil’s reputation as a leading market for regulated crypto asset investments.

“We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets,” stated Theodoro Fleury, QR Asset’s Investment Director.

Brazil has previously approved ETFs for Bitcoin and Ethereum, demonstrating a progressive stance towards crypto investments. QR Asset notably introduced a decentralized finance ETF in February 2022, under the ticker QF111, which is benchmarked against the Bloomberg Galaxy DeFi Index, tracking major DeFi platforms such as MakerDAO, Aave, and Uniswap.

Moreover, Brazil hosts BlackRock’s iShares Bitcoin Trust ETF, branded locally as the iShares Bitcoin Trust BDR ETF.

In the United States, asset managers like VanEck and 21Shares have applied for spot Solana ETFs with the U.S. Securities and Exchange Commission, which has yet to deliver a verdict. Conversely, BlackRock’s Chief Investment Officer for ETF and index investments, Samara Cohen, recently indicated that BlackRock will not pursue a Solana-based ETF in the immediate future, citing the absence of CME futures and insufficient institutional support for Solana.

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