Brazil's Securities and Exchange Commission (CVM) has given the green light to a spot Solana exchange-traded fund (ETF), marking a significant step in the global crypto market.
Brazil's Securities and Exchange Commission (CVM) has given the green light to a spot Solana exchange-traded fund (ETF), marking a significant step in the global crypto market. This ETF, developed by QR Asset and managed by Vortx, awaits final approval from Brazil's stock exchange, B3, to become operational.
The ETF will track the CME CF Solana Dollar Reference Rate, a benchmark created by CF Benchmarks and the Chicago Mercantile Exchange (CME). With this move, Brazil has surpassed the U.S. in launching a spot Solana ETF. Despite the recent approval of several U.S. spot Ethereum ETFs, American firms like VanEck and 21Shares are still waiting for the U.S. Securities and Exchange Commission (SEC) to approve their Solana ETF applications.
In May, Standard Chartered predicted that Solana and XRP ETFs were on the horizon, though they expected these developments in 2025 rather than 2024. VanEck's head of digital assets suggested that the approval of a U.S. Solana ETF might depend on the outcome of the 2024 presidential election and whether Gary Gensler remains SEC chair.
Interestingly, asset manager BlackRock has opted out of the race, expressing skepticism and forecasting that only Bitcoin and Ethereum ETFs will gain approval in the near future.
Meanwhile, Canadian investment manager 3iQ has filed for a Solana ETF, aiming to be the first in North America. Their approach includes staking the SOL to back shares, offering what they describe as "easy exposure" to Solana without the technical complexities. This strategy aims to maximize rewards by staking SOL as part of their investment plan.
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