First Solana Spot ETF Approval in Brazil Leads the Way in Global Crypto Market

YEREVAN (CoinChapter.com) — Brazil has received approval for its first Solana Spot ETF, marking a significant step in the global crypto market. The Brazilian Securities and Exchange Commission (CVM) approved the ETF, while the U.S. lags in approving similar products. QR Asset will create the ETF, and Vortx will manage it, though it still requires final approval from the Brazilian Stock Exchange (B3).

Brazil Advances with Solana Spot ETF as U.S. Faces Regulatory Hurdles

The upcoming Solana Spot ETF will add to Brazil’s existing crypto ETFs, which include Bitcoin and Ether funds launched in 2021. QR Asset and Vortx are preparing the ETF, awaiting the final nod from B3. The fund will use the CME CF Solana Dollar Reference Rate index, developed by CF Benchmarks and supported by the Chicago Mercantile Exchange (CME).

QR Asset’s Theodoro Fleury highlighted the ETF’s role in offering diverse investment options to Brazilian investors.

While Brazil moves forward, the U.S. struggles with regulatory delays. The Securities and Exchange Commission (SEC) has not yet approved a Solana ETF, citing concerns that Solana is a security rather than a commodity. Asset managers like VanEck and Franklin Templeton have filed for Solana ETFs, but the path to approval remains unclear. JPMorgan has expressed skepticism about approval chances under the current regulatory environment.

The U.S. administration’s cautious stance on crypto products also impacts Solana ETF approvals. VanEck’s CEO suggested that a change in political leadership might affect the approval process. Additionally, concerns about Solana’s high token issuance rate and past network issues could affect its appeal to institutional investors.

Solana Eyes $200 Amidst Stagnation Near $145

Solana’s price may be setting its sights on the $200 mark, according to a bullish pennant pattern observed on the four-hour chart. Crypto trader Satoshi Flipper highlighted this potential in an Aug. 7 post on X.

Despite this optimistic outlook, Solana’s price has been stuck near the $145 level for nearly six months. The cryptocurrency has struggled to break out significantly from this range, keeping the bullish momentum in check.

On the bright side, Solana recently reached an all-time high of 0.06211 against Ether (ETH). However, the current price still remains 41% below its previous peak of $259, which was achieved in November 2021.