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The Brazilian Securities and Exchange Commission (CVM) has approved the launch of the first Solana spot ETF in Brazil and worldwide. This will be one of the few Solana-based exchange-traded products (ETPs) in the world.
The newly approved Solana ETF will reference CME CF Solana Dollar, which is developed jointly by the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF) to provide a uniform price quote for Solana.
However, the ETF is still in the pre-operational stage, still awaiting approval by the local stock exchange, B3 as reported by the local news organization, Exame.
“This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets,” said Theodoro Fleury, Chief Investment Officer of QR Asset.
In June earlier this year, Vaneck became the first US asset manager to file for a spot Solana ETF with the US Securities and Exchange Commission (SEC).
VanEck's filing comes less than a week after digital asset management firm 3iQ filed for a similar Solana ETF on the Toronto Stock Exchange (TSX) with the Ontario Securities Commission.
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This sparks in contrast to BlackRock's chief investment officer for ETF and index investments, Samara Cohen stating that the appetite for Solana is not comparable to that of Bitcoin or Ethereum at the moment.
She also added that it "would be a while" before investors would see any other crypto-related ETF product from BlackRock. Regardless, it will be interesting to see how the ETF flows play out once the product is launched.
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