CashNews.co
Brazil’s Securities and Exchange Commission, or the Comissão de Valores Mobiliários (CVM), has approved SOL Exchange Traded Funds (ETFs). The issuance will occur after Brazil’s stock market, B3, approves it, which is the next and final step in the process.
This fund will be one of the only few SOL ETFs in issuance worldwide at the moment. The first was the product offered by 21Shares, ASOL, on Switzerland’s SIX exchange in 2021. Others include CoinShares’ Physical Solana and ETC Group’s product with the same name. Both trade on German exchange Deutsche Börse Xetra.
The Brazilian product will be offered by asset manager QR Asset and managed and overseen by Vortx, a fintech company operating in the country. QR Asset has launched multiple other spot crypto ETFs, including Bitcoin and Ether ones. In fact, it was the first to issue 100% crypto ETFs.
Theodoro Fleury, the asset manager’s CEO, mentioned, “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.”
Furthermore, the fund will reference the CME CF Solana Reference Dollar Reference Rate F that depicts reliable Solana price movements in US Dollars. It was created by the Chicago Mercantile Exchange (CME) in collaboration with Crypto Facilities (CF) to track Solana prices from numerous exchanges.
This ETF has no official launch date yet—no announcements regarding the B3 exchange’s approval timeline have been made. However, unofficial information notes that the fund will begin trading within 90 days of the CVM’s approval.
As ETF indulgence rages on, multiple asset managers have applied to offer spot Solana ETFs in the US, including VanEck and 21Shares, among others. However, if it will happen in the short term is an uncertainty. Many feel it can materialize if Trump takes power in this year’s election.