Brazil's Securities and Exchange Commission (CVM) has approved the world's first spot Solana exchange-traded fund (ETF).
This new ETF is currently in its pre-operational phase and awaits final approval from Brazil's stock exchange, B3.
According to the local business magazine Exame, the ETF will be benchmarked against the CME CF Solana Dollar Reference Rate index, developed by CF Benchmarks with support from the Chicago Mercantile Exchange (CME).
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QR Asset, a Brazilian asset management firm, will introduce this ETF to the market, with Vortx, a fund management service provider, acting as the manager.
Theodoro Fleury, manager and investment director at QR Asset, said:
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.
In March 2024, B3 began offering BTC Brazilian Depositary Receipt (BDR) ETFs. BDRs are certificates that enable local investors to gain exposure to foreign securities, in this case, BlackRock's US-issued Bitcoin ETF.
Brazil's approval of the Solana-based ETF marks a major step forward in the country's financial sector, demonstrating its commitment to embracing innovative investment opportunities.
Meanwhile, VanEck filed for the first Solana ETF in the United States this past June.
