The Brazilian Securities and Exchange Commission has approved the country’s first Solana exchange-traded fund (ETF). This Solana ETF will be managed by QR Asset and operated by Vortx, using CF Benchmark’s Solana Dollar Reference Rate Index as a point of reference.

However, the launch of this product still awaits approval from the Brazilian stock exchange B3, with the Solana ETF currently at a pre-operational stage. The regulator has not yet announced when the Solana ETF will be available to the Brazilian investing public. QR Asset has expressed pride in being a pioneer in the Solana-based exchange-traded product space.

“We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.” – Theodoro Fleury, QR Asset Investment Director

Brazil has a relatively long history with crypto ETFs, having approved investment funds in Bitcoin and Ethereum in the past. QR Asset launched a decentralized finance ETF in February 2022, under the ticker QF111. This product was benchmarked on the Bloomberg Galaxy DeFi Index, tracking major DeFi platforms like MakerDAO, Aave, and Uniswap.

Additionally, Brazil offers BlackRock’s iShares Bitcoin Trust ETF, known in South America as the iShares Bitcoin Trust BDR ETF.

In the United States, asset managers such as VanEck and 21Shares have filed for spot Solana ETFs with the U.S. Securities and Exchange Commission, but the regulator has yet to respond. BlackRock’s chief investment officer for ETF and index investments, Samara Cohen, recently indicated that the investment giant will not be offering a Solana-based ETF in the near future. She cited Solana’s lack of a CME futures and little institutional backing as reasons for this decision.

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