Brazil’s financial regulators have given the green light to a second Solana ETF, making the country a key player in the global cryptocurrency arena.
Not one, but two Solana ETFs
Brazil’s Securities and Exchange Commission, the CVM officially added another Solana ETF to its list of approved trading assets, introduced by Hashdex, a local asset manager.
Hashdex already manages over $962 million in assets, is partnering with BTG Pactual, one of Brazil’s leading investment banks, to bring this product to the market.
Hashdex is no stranger to the crypto ETF scene, as the firm already launched multiple cryptocurrency-based ETFs on B3, Brazil’s primary stock exchange.
These include ETFs linked to the Nasdaq Crypto Index and major cryptocurrencies like Bitcoin and Ethereum.
Pioneer
Before Hashdex’s latest approval, QR Asset Management already made moves in the Solana ETF space.
The CVM approved QR Asset’s Solana ETF on August 8, marking the first of its kind in the country.
This ETF offers Brazilian investors a way to engage with the Solana ecosystem without the complexities of directly purchasing and managing SOL tokens.
QR Asset’s Solana ETF is designed to follow the CME CF Solana Dollar Reference Rate, an index created by the Chicago Mercantile Exchange and CF Benchmarks.
This index aggregates data from several cryptocurrency exchanges, providing a reliable market valuation for Solana, making sure that the ETF’s price accurately mirrors the real-time market price of Solana.
Green light is okay, but when will it start?
Both Hashdex’s and QR Asset’s Solana ETFs are currently in their pre-operational phases, with QR Asset’s product awaiting the final go-ahead from the B3 stock exchange.
According to insiders and local sources, trading for QR Asset’s Solana ETF is anticipated to commence within the next two months, signaling a growing interest in Solana-based financial products among Brazilian investors.
