Brazil is about to launch its first Solana ETF.
Key receivers
The Brazilian Securities and Exchange Commission has approved the first Solana ETF in Brazil. The move will strengthen Brazil's leadership position in the crypto ETF market, following previous approvals for Bitcoin and Ethereum ETFs.
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Brazil's first Solana exchange-traded fund (ETF) will soon launch after receiving the nod from Brazil's Securities and Exchange Commission (CVM), according to a recent report by Exame, one of the country's leading publications. The fund aims to provide Brazilian investors with diversified exposure to Solana (SOL).
EFF is managed by QR Asset Management, Brazil's leading asset manager, and Vortex, a key player in the country's fintech scene. QR Assets has more than 876 million properties under management and has more than 100,000 direct and indirect clients, according to the firm's website.
“This ETF confirms our commitment to providing Brazilian investors with quality and diversity. 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 Teodoro Fleury, Chief Investment Officer of QR Assets. .
The currency is set to trade on Brazil's main stock exchange, B3, but the exact date of the first trade has not yet been announced. B3, as well as the iShares Bitcoin Trust BDR (IBIT39), is BlackRock's first exchange to facilitate the trading of the Brazilian Bitcoin ETF. The fund went live in March this year.
The investment product uses the CME CF Solana Dollar Reference Index for its pricing, which combines transaction data from major crypto exchanges to provide a reliable SOL value, the report said.
Will America follow suit?
The approval of the CVM did not improve Brazil's position in regulated crypto investments, especially the Solana ETFs, as well as other ETFs linked to crypto assets other than Bitcoin (BTC) and Ethereum (ETH) with US securities. Controller yet.
While the SEC has approved multiple Bitcoin and Ethereum ETFs, its position on Solana as a security is unclear. In SEC vs. A recent development in the Binance lawsuit offers some hope that the SEC will not classify SOL as a security. Still further clarification is necessary.
Meanwhile, many financial leaders are not optimistic that Solana ETFs will be available in the United States anytime soon. JPMorgan predicts approval of the Solana ETF is unlikely for the time being.
BlackRock's head of digital assets, Robert Michnick, previously expressed concern about limited client demand, saying Solana is skeptical about adding ETFs to its offerings.
However, some prominent asset managers continue to push for regulatory approval to separate Solana ETFs.
In late June, VanEyck and 21Shares filed an application for a spot in Solana Products. The two firms are seeking approval from the SEC to list their respective ETFs, and the filings have begun the regulatory review process.
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