Brazil to Launch First Solana ETF, Outpacing the United States

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All eyes have focused on the Brazilian Securities and Exchange Commission (CVM) as crypto stakeholders anticipate the green light from the regulatory authority on a significant digital product. As per a report by Exame, a leading Brazilian journal, the CVM nod will signal approval for the launch of the country’s maiden Solana exchange-traded fund (ETF).

QR Asset Management Leads the Charge

The application for the Solana ETF filed by QR Asset Management is managed by Vortx, a crucial figure in Brazil’s finance and technology sector. QR Asset, a major player in the ecosystem has well over R$876 million in assets under management and more than 100,000 clients – comprising both direct and indirect.

The ETF will serve to expose Brazilian investors with exposure to Solana. According to Theodoro Fleury, Chief Investment Officer of QR Asset, the launch of the Solana ETF confirms its commitment to providing diversity to the country’s investors.

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

Solana ETF to Debut on Brazil’s Major Exchange

Although the specific date of debut remains unknown, the fund will trade on Brazil’s major stock exchange, B3. Notably, B3 handles the trading of iShares Bitcoin Trust BDR (IBIT39), BlackRock’s first Brazilian Bitcoin ETF which debuted in March of this year.

As per available information, the investment product’s pricing will use the CME CF Solana Dollar Reference index. This collates different transaction data from major crypto exchanges to provide a reliable valuation of SOL.

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Is Brazil Taking a Regulatory Leap Ahead of the U.S.?

An approval by the Brazilian Securities and Exchange Commission will position the South American nation as a trailblazer in the regulated crypto investment ecosystem. Analysts say it would put Brazil ahead of the United States which has only granted regulatory approval for Bitcoin ETF and Ethereum ETF.

Although a couple of asset managers such as VanEck and 21Shares have indicated interest by filing applications with the U.S. Securities and Exchange Commission, the SEC’s position on Solana remains vague. A notable lawsuit between Binance and SEC offers a glimmer of hope for Solana that it would not be classified as a security.  However, the ruling requires further explanations.

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