Solana

Galaxy

The Brazilian Securities and Exchange Commission has approved the country’s first Solana exchange-traded fund.
According to Brazilian news outlet<a href="https://exame.com/future-of-money/cvm-aprova-1o-etf-de-solana-no-brasil-e-sai-na-frente-dos-eua/" target="_blank" rel="noopener noreferrer nofollow"> Exame</a>, the approved Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>) ETF will be created by asset managers QR Asset and run by Vortx. Additionally, CF Benchmark’s Solana Dollar Reference Rate Index will serve as the Solana ETF’s point of reference.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🇧🇷 Brazil's SEC gives green light to Solana-based ETF! 🌟 Managed by QR Assets &amp; Vortx, it's the first of its kind. 🏦 Still needs B3's nod, launching in 90 days. 🚀 Crypto community buzzing with excitement! 🎉 <a href="https://twitter.com/hashtag/SolanaETF?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#SolanaETF</a> <a href="https://twitter.com/hashtag/CryptoAdoption?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CryptoAdoption</a> <a href="https://t.co/CnO0IdkgsE" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/CnO0IdkgsE</a>— Ubaid Chand (@iamubaidchand) <a href="https://twitter.com/iamubaidchand/status/1821447071301267664?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 8, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
However, the report also indicates that the launch of the product still depends on approval by the Brazilian stock exchange B3, with the Solana ETF still at a pre-operational stage.
While the regulator is yet to announce when exactly the Solana ETF will become available to the Brazilian investing public, QR Asset expressed pride in being a global pioneer for a Solana-based exchange-traded product.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.
 Theodoro Fleury, QR Asset investment director
</blockquote>
You might also like: <a href="https://crypto.news/spot-btc-etfs-see-positive-inflows-for-the-first-time-in-3-days-eth-etfs-net-outflows/" rel="noopener noreferrer nofollow"> Spot BTC ETFs see positive inflows for the first time in 3 days, ETH ETFs net outflows </a>
Brazil has a relatively long history with crypto ETFs, having approved investment funds in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) in the past. QR Asset launched a decentralized finance ETF In February 2022, under the ticker QF111.&nbsp;
The product was benchmarked on the Bloomberg Galaxy DeFi Index, which tracks some of the largest and most active DeFi platforms, including MakerDAO (<a href="https://crypto.news/price/maker/" target="_blank" rel="noopener noreferrer nofollow">MKR</a>), Aave (<a href="https://crypto.news/price/aave/" target="_blank" rel="noopener noreferrer nofollow">AAVE</a>), and Uniswap (<a href="https://crypto.news/price/uniswap/" target="_blank" rel="noopener noreferrer nofollow">UNI</a>).
Furthermore, Brazil also<a href="https://crypto.news/bitcoin-etf-blackrock-brazil/" target="_blank" rel="noopener noreferrer nofollow"> offers</a> BlackRock’s iShares Bitcoin Trust ETF, with the South American version going by the name iShares Bitcoin Trust BDR ETF.&nbsp;
In the United States, asset managers such as VanEck and 21Shares have<a href="https://crypto.news/strategic-move-or-reckless-optimism-the-first-application-for-solana-etf-filed-in-the-us/" target="_blank" rel="noopener noreferrer nofollow"> filed</a> for spot Solana ETFs with the U.S. Securities and Exchange Commission, although the regulator is yet to respond.&nbsp;
Surprisingly, BlackRock’s chief investment officer for ETF and index investments, Samara Cohen, recently<a href="https://crypto.news/why-blackrock-is-holding-back-on-solana-etf/" target="_blank" rel="noopener noreferrer nofollow"> intimated</a> that the investment giant will not be offering a Solana-based ETF in the near future.&nbsp;
She cited Solana’s lack of a CME futures and little institutional backing as the reasons for BlackRock’s decision to forgo the product at this time.
Read more: <a href="https://crypto.news/ripple-hit-with-125m-fine-for-securities-violations-xrp-surges-18-post-ruling/" rel="noopener noreferrer nofollow"> Ripple hit with $125m fine for securities violations; XRP surges 18% post-ruling </a>

Brazilian SEC greenlights first Solana ETF; launch hinges on stock exchange approval

crypto.news

Other articles published on Aug 8, 2024

Meme coins spark crypto recovery as Solana gains

US Policy Group Proposes Bitcoin Tax-Free Zone to Boost Digital Economy

F. Templeton Launches On-Chain Treasuries Fund on Arbitrum

Analysts Dispute Ethereum Transfer Claims

Terra Blockchain Faces Security Exploit; $6.8M Worth of Tokens Impacted

How will the U.S. Spot Ether ETFs impact the future of crypto investments?

Join our free newsletter for daily crypto updates!