Key Takeaways:
- Brazil's SEC approves the first Solana-based ETF, pending B3 stock exchange approval.
- QR Asset and Vortx will manage the ETF, offering diversified crypto investment opportunities.
- Interest in Solana-based ETFs is growing globally, with recent requests for approval in other markets.
YEREVAN (CoinChapter.com) — The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF). Consequently, this marks the first product of its kind in Brazil and among the early Solana-based exchange-traded products (ETPs) globally. Notably, the initial product was launched by 21Shares on the SIX Swiss Exchange in June 2021.
Brazil’s First Solana ETF Awaits Final Approval
The ETF, still in its pre-operational stage, awaits approval from the Brazilian stock exchange, B3. According to the Brazil SEC’s (CVM) database, the product will follow the CME CF Solana Dollar Reference Rate. Notably, this rate was created by CF Benchmarks with the support of the Chicago Mercantile Exchange (CME).
Meanwhile, local news organization Exame reported that Brazilian asset manager QR Asset will offer the ETF. Furthermore, Vortx, a local fintech company focused on capital markets, will manage it. This partnership aims to provide Brazilian investors with diversified investment opportunities in the crypto space.
QR Asset and Vortx Lead The Way
QR Asset’s manager and chief investment officer, Theodoro Fleury, expressed pride in their pioneering efforts. He stated,
“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.”
QR Asset and Vortx are collaborating to ensure the ETF meets all regulatory requirements and provides a secure investment option. Additionally, their combined expertise aims to make this ETF a successful addition to Brazil’s growing cryptocurrency investment market. Consequently, this partnership is expected to enhance investor confidence and drive interest in cryptocurrency investments.
Brazil’s Rapid Growth in Cryptocurrency ETFs and Rising Global Interest in Solana-Based Funds
Notably, Brazil has been a fertile ground for cryptocurrency ETFs. In fact, between 2021 and 2022, B3 listed a Bitcoin ETF and an Ethereum ETF. More recently, in March 2024, B3 started offering BlackRock’s iShares Bitcoin Trust ETF (IBIT).
Meanwhile, globally, interest in Solana-based ETFs is growing. For instance, in July, Cboe officially requested the SEC to allow asset managers VanEck and 21Shares to introduce a Solana-based ETF to the market. However, this request has not been granted yet.
