First Solana ETF Approved by Brazilian Securities Commission
- The Brazilian Securities Commission (CVM) has approved the creation of a Solana Spot ETF, the first of its kind in Brazil and among the first in the world.
- This ETF still needs approval from the Brazilian exchange B3 and will track the CME CF Solana Dollar Reference Rate.
- QR Asset will manage the ETF, with Vortx as the manager, making it the first of its kind in the world following 21Shares’ Solana ETP launched in Switzerland in 2021.
The Brazilian Securities Commission (CVM) has recently approved the creation of a Solana Spot ETF.
While this product is the first of its kind in Brazil, it is among the first Solana-based ETFs globally, with the first one being launched by 21Shares on the Swiss SIX exchange in June 2021.
Validation process for the Solana ETF
Despite CVM’s approval, the Solana ETF still needs approval from the Brazilian exchange B3 before it becomes operational. According to local media Exame, this new ETF will track the CME CF Solana Dollar Reference Rate, a reference rate created by CF Benchmarks with the support of the Chicago Mercantile Exchange (CME).
Main players
This ETF reaffirms our commitment to providing 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.
Theodoro Fleury, Chief Investment Officer at QR Asset
Brazilian asset manager QR Asset will be responsible for offering the ETF, while Vortx, a local fintech specializing in capital markets, will handle the management. Theodoro Fleury, Manager and Chief Investment Officer at QR Asset, emphasized the importance of this launch.
History of crypto ETFs in Brazil
Brazil has already been a fertile ground for crypto ETFs. Between 2021 and 2022, the Brazilian exchange B3 listed ETFs based on Bitcoin and Ethereum. In March 2024, it started offering the iShares Bitcoin Trust (IBIT) ETF by BlackRock.
In comparison, the request by Cboe to the US SEC in July to allow VanEck and 21Shares to introduce a Solana Spot ETF is still pending approval.
